Q1 2024 SEMrush Holdings Inc Earnings Call Transcript
Key Points
- SEMrush Holdings Inc reported a strong revenue of $85.8 million, marking a 21% year-over-year increase.
- The company has successfully expanded its customer base to nearly 112,000 paying customers and over 1,125,000 active users.
- SEMrush Holdings Inc generated a significant free cash flow of $12 million with a free cash flow margin of 14%.
- The launch of new AI-based tools and expansion into enterprise markets have been positively received, particularly with large-scale business customers.
- The company has raised its full-year 2024 revenue guidance to a range of $366 million to $369 million, reflecting confidence in continued growth and profitability.
- Despite overall growth, there are ongoing macroeconomic challenges that could impact the business environment.
- The company's dollar-based net revenue retention has troughed at 107%, indicating potential challenges in customer retention or expansion.
- SEMrush Holdings Inc is still in the early stages of its enterprise product offering, which may involve risks and uncertainties in scaling and customer adoption.
- There are significant investments being made in enterprise sales and marketing, which could impact short-term profitability if not managed effectively.
- The company faces intense competition in the SEO and digital marketing space, which could affect its market share and pricing power.
Hello, everyone, and welcome to the SEMrush Holdings first quarter 2024 results conference Call. My name is Drew, and I'll be the operator for today's call. (Operator Instructions)
With that I'll hand over to Brinlea Johnson Investor Relations. Please go ahead.
Good morning, and welcome to SEMrush Holdings first quarter 2024 conference call. We'll be discussing the results announced in our press release issued after market close on Monday, May 6. With me on the call is our CEO, Oleg Shchegolev; President, Eugene Levin, and our CFO, Brian Mulroy.
Today's call will contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to statements concerning our expected future business and financial performance and financial condition, expected growth, adoption and demand for existing and any products and features our expected growth of the customer base and specific
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