Q2 2024 SEMrush Holdings Inc Earnings Call Transcript
Key Points
- SEMrush Holdings Inc (SEMR) reported a strong second quarter with revenue of $91 million, up 22% year-over-year.
- Annual Recurring Revenue (ARR) grew 25% year-over-year to $377.7 million.
- Non-GAAP operating margin increased to 13.4%, compared to 3.1% in the prior year period.
- The company raised its full-year 2024 revenue guidance, reflecting confidence in continued growth.
- Successful launch of the enterprise SEO product, with initial traction and demand from major clients like Digital Ocean, HSBC, and Royal Bank of Canada.
- Despite strong performance, SEMrush Holdings Inc (SEMR) expects to incur temporary, one-time integration expenses related to recent acquisitions.
- The company anticipates higher general and administrative expenses due to increased compliance costs as it transitions to large accelerated filer status under SEC rules.
- There is potential pressure on year-over-year growth rates in ARR per paying customer due to the absence of a core price increase this year.
- Cash and cash equivalents decreased by $11.6 million from the previous quarter, partly due to acquisition-related expenses.
- The company’s guidance assumes a Euro exchange rate of 1.08, with approximately 30% of expenses denominated in Euros, which could introduce currency risk.
Hello everyone, and welcome to the Semrush Holdings second-quarter 2024 results conference call. My name is Chach, and I'll be the coordinator for your call today. (Operator Instructions)
I'd now like to hand over to Brinlea Johnson, Investor Relations to begin. Brinlea, please go ahead.
Good morning, and welcome to Semrush Holdings second quarter 2024 conference call. We will be discussing the results announced in our press release issued after market close on Monday, August 5. With me on the call is our CEO, Oleg Shchegolev; our 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 existing and future demand for our existing and any
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