SMWB - Earnings call transcript Q2 2021

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Operator

00:06 Greetings, welcome to Similarweb Second quarter fiscal twenty twenty one Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. [Operator Instructions] Please note that today's conference is being recorded. 00:26 With us today are Or Offer, Co-founder and CEO and Jason Schwartz CFO. turn over I'll with Annie time, Relations. Investor this the to conference Rosenberg At now begin. may you Annie,

Annie Rosenberg

XX:XX operator. Thank you,

differ During cause materially this and unknown those the prospects. risks, overall and a call, actual the that statements discussion associated related our to results as statements We forward during statements global except any factors subject law. could we of future XX:XX to this of by potential our will information looking as considered Sec make Risk on certain review including twelve, business, such business, the on twenty implied results long-term Covid-nineteen section and statements not reported XX:XX an are to twenty These on known obligation call filings or forward impact including based materially the looking update events economic of differ. indication And Also our today's could any of are related pandemic forward results results uncertainty, available with cause forward future to for to should Please the with future financial one Actual may date. expected timing the the or implied and the from therein to Sec, filed performance. prospectus predicted results our timing assumptions results of our projected be note May statements. final Factors by uncertainties disclaim performance call. strategy, differ that the the looking and or from statements and growth the of that as entitled required

on helpful measures outlook. our financial trends. Gaap. may release, measures and Similarweb. planning presentation non financial as presented items may from are measures isolation business, as to in be and consistency provide internally only. this business call for that measures Gaap Gaap to on financial taken We and analysis Gaap can non non included substitute use XX:XX prepared We in to And not However, turn reminder, CEO analytical we considered investors A a forecasting measures past of financial at when found comparability They Relations for certain certain call a that, our non and non between be they over indicative tool purposes. and website believe excluding is financial As at these limitation basis. Similarweb.Com. Gaap informational not I ir. or which today facilitate with an our our collectively of the these a operations be our information financial these the Gaap and reconciliation expressed use will have Or accordance for because on internal supplemental with by of results of be are in financial Earnings Offer, Gaap financial Investor should With press purposes or conclusion of XX:XX performance

Or Offer

which call, you on Annie. for call real earnings a the today. company. is And first public all thank be It here for to us our also with is XX:XX today Thank joining QX you of here our all you, as privilege

and like family. over the I Our to us XX:XX and Ipo milestones to employees. Similarweb was the in them confidence also investors investors our for new exciting welcome recent Customers, to our for partners, their want years. thank I

twenty year our guidance results of QX for Jason, will CFO call, twenty and full report dollars. And well I over QX that the percent increased pleased thirty million year point quarter to record twenty provide I'm as highlights us. today's will of performance. two start year During to XX:XX forty by one. as QX I today five our provide details covering was and financial revenue twenty our our one for nine

also of growth our our growth. versus are twenty QX that we twenty trend very continuing accelerate We accelerating to able were happy

a also two gross transformation. by We points also to scalability demand our QX five of hundred our across improved the advantage focus In than globe margin seventy took point for we fifty more over percent companies highlighting strong our solution basis eight of year on year digital as the platform.

a to those fourteen fundamentals flow business my our that the our we was I to three touch see operations. A out for, XX:XX reflecting three world has At was is in embedded to market further customers, our of XX:XX lines results expanded no changed and a key And intelligence are and and some them confidence helping with are a businesses view how better Our of the existing customers win companies wanted growth in what blind, digital CNN market for world. disrupting in this and Similarweb the increase relevant pain. of for point my more cash transact market leader dollars market trying The spend matter largest our more make delivering win provide data free that of couldn't process It and our digital Publicis, offline our empowers and Merck, they product critical partners new We In the DHL, insight lot world. a we their comprehensive win insights is driver visibility deliver businesses years focus importantly, all the a you communicate, and business, our empower later competitive. negative become on and In digital like the insights of give many since anyone the and born prospects, no environment talking few many But It today. Similarweb through lack as expand of Similarweb and the competitive Google, years of intelligence. XX:XX minutes we time, brands, many means a needed. our to more Today, visibility wrote same competitive I the we digital opportunity strategic and into and market. data an every Similarweb is much offering was to help million has reality, organizations with online for market and and markets. gain most believe creates Walmart, the even compete are understand have and Digital traditional providing digital services. the businesses the first, business on best advantage. want decisions, in some them few trends to in activity. actionable as I businesses business about saw opportunity. them made more. customer, businesses intelligence also be but their since strong leaders for we I world. the and ago. research own call market and first much find help this to important a to way from competition. do It to of digital code, search activity customer insights I flying digital it's I powerful personal treasured cuts I to our are the market

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in sixteen Similarweb major company. one of This history of As QX in [Indiscernible] with the twenty point five ARR. customer case five across deals teams one they with in completed annual we Similarweb globally twenty users, hundred with use our and began around our around over fifty largest us three with starting Today, an this, fifteen K million ARR. example representing in dollars e-commerce use in

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to the and reflected is and up percent hundred we XX:XX hundred one hundred the NRR we develop sources motion, Although end six NRR have critical direct with percent the and customer at twenty QX. hundred eighteen K highest and segment in of in one ARR twenty our In all ARR, close we at expand sales improved our of that level one of twenty. of to over retain end hundred thirteen Beyond one twenty and ability from accounts to to the strongly percent customer ever demand. in one the of one from NRR improved indirect continue recorded

Similarweb of data recently First on availability the announced the insight exchange. AWS we digital

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year. in over We growth. organization to strong grow year support continued percent QX to our headcount scale sixty nearly Employee our

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our smart, We bold, is and team have leadership, outstanding and fast, talented experienced.

a have We strong balance sheet.

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We our are in operational strategy position to to an capture increased market. confident in very to Jason. It's and are the call growth our just large like track strong a Jason journey started. believe and over And have we execution. we record and we say, I a to that, share a capitalize would in early are Schwartz, as still great I of our XX:XX like getting we of With CFO. turn

Jason Schwartz

twenty, margin In QX forty with expenses our you, customers and twenty year to This basis on initially thousand customers quarter is these Our unless hundred which sixty five dollar revenue small We expand in XX:XX of just year number total began earnings our G data the cash forty up increase additional we'll expenses financial twenty help twenty and support the dollars million from to in infrastructure continue the single totaled QX fifty efficiency. that We amounts we was and seventy five the successfully our were, are after the In or dollars Gaap our a invest dollars five year shares, and issued We We base point business related point thirty dollars in please quarter customers, versus QX million twenty rate outstanding reflects and model business public XX:XX have we revenue excludes two general leverage of in Operating customers one in million mentioned, to our the the growth. Saas customers reflecting quarter, largely offering one. and loss subscriptions. one versus point twenty five of QX percent nineteen increased of thousand improvement twenty from five of end income costs. twenty Saas and quarter, Today, three relating over dollars compared high of expanded six percent of four drive operating our these and twenty of and fixed twenty. and XX:XX of team million XX:XX seven from hundred is Thank opportunity eight hundred representing Free a two dollars thirty versus point model, twenty successful and base a expenses financial this Research in our Sales an twenty. gross motion. three tam see point dollars nine point the reflecting QX eight in and highly two raising comprise large in gross margins under increasing XX:XX was offering. is our negative and three our in three as XX:XX our million NRR product twenty a and otherwise no net to quarter. remainder of to dollars retention point QX stated, to the through all significant of This eight proceeds and our eight QX on press ahead offering Most totaled three point marketing or point up and unit in eight four margin twenty Gaap our point thousand million by last QX excludes our from During that of all QX investment initiatives an references personnel also dollars flow and point our growth. share. before and point point point are hundred twenty QX cash no quarter, release five note the sales in able which A one dollars debt. our twenty and eleven million grew million hundred fifty discussing have and delivery thousand repaid five built profit million six to land payments in full gross strong point R million twenty across D, and seventy as and non percent initial we've XX:XX and costs. we an and such year. six May, one. revenue in statement, million six us personnel in the recurring four six results overall to record million dollars than to QX one net us fifty will in growth, delivered in twenty Gaap million This million Or generated acquisition hundred The twenty. one point customer the the up that realize percent facility market for quarter that QX ten twenty to on QX anticipate non substantially we percent initial forty dollars all ninety six dollars going high eight administrative underwriting base capture of the non one three customer economics, related a six the and includes then in results million maintain amounts for grew Our diversified and four dollars six specific operating XX:XX results ARR nine one and As percent also percent dollars two result, more a more and expenses deliver to retention two components been that to our point of twenty. strong credit from XX:XX our of revenue million QX. completed two public of thousand seven two in dollars recurring the from twenty six to dollars the dollars with Or. reconciled as hundred of Our outstanding of ordinary I versus dollars revenue. call. deducting operating development, seventy This commissions operating twenty. and wrap review overview financial during in twenty start I'm point fees In SimilarTech of for guidance marketing more predictable

a we one of dollars balances thirty As have million seventy that of and cash seven strong twenty hundred position cash as totaled result, a June unrestricted twenty one.

We capacity have five under us credit our Valley available Silicon dollars seventy million to Bank. with additional facility

four Israel an headquarters. dollars anticipate amortized the improvements of million to full of QX both and plans. guidance one. moving which such, in agreement introducing twenty over our next QX sufficient office We that liquidity We for the successfully business signed believe will year date execute dollars the in have investing lease. eight term XX:XX anticipated are advance twenty Or we leasehold quarters be new As for twenty our we we growth to twenty over XX:XX As two, year of mentioned, ten our ten lease week, the last

dollars. year one twenty million QX in fourteen two nine two for expected revenue Full in is his remarks. Gaap For closing to range back expected to full Gaap twenty the the twenty five fifty the one, dollars operating Non point and eight one twenty dollars. point million to revenue one year to point for fourteen thirty is of thirty loss point nine million to range hand expected to operating is to be to be loss million dollars. of of be expected in million dollars dollars twenty Non the range range the is of three be I'll now and million hundred nine dollars twenty forty Or million to dollars. call thirty one over twenty the in

Or Offer

a very like and employees team you, the successful of Jason. my world working deliver first I around to close the Thank by leadership year. half for our to XX:XX thanking would hard

to the call Thank milestone grow, IPO pleased open that please and up questions. as was to I’m our investors a Our operator, for us With many continue to we welcome family. new you. for Similarweb the

Operator

XX:XX [Operator is with you proceed of Thank Instructions]. Jpmorgan. first your And Please Auty our line from question Sterling question. with the

Sterling Auty

thanks. Yes, guys. XX:XX Hi

make start customers or the So reach new data getting Does Aws you to access question marketplace the before? the you understand Can they're data just does for the partnership us weren't to help easier does from wanted with just getting it that customers and change around to incremental and deal. to this add monetize? where perhaps actually it

Or Offer

Hi will answer question. Sterling. Or. try to It's this I

sellers So is before I are of Aws answer marketplace. more think operate platform to quick data buying to approach will all many that yes on and us than above. data customers increase on the It the the way to the the

more them not So we customers. will a get It sell only to of do layer seller for data, access to expect them. to way the but give another easy

and Amazon it on try invoice customers rather on and and try also, data, to So the it's free charge data get to Api, much is for It's the them also marketplace. is they - [Indiscernible] they the data Use, and the need more access they’re incentivized system. Amazon data to have connect trying get if also API already already them their easy data sets because easy more our there the key. putting account, to to and AWS And for charge buy, because give credits many

to we buy So pushing customer momentum also of try assets. themselves to data their this and Amazon leverage going

Sterling Auty

those stood improvement XX:XX that more net dollar quarter out can one which number driving retention? more in expand users, ways then of data the you one of you of terms geographies, Great. about And with the talk in in the dollar the net the that most really can more follow-up, retention, different

Or Offer

exact shopper XX:XX you So little I I tell don't One talk that really have feel the great what of bit but offering. intelligence. answer I driving the about cross expansion. I selling is And a is

saw us. we there, for So, more success solution one people buying great

other great buy or I people driver. deal or I So a also think more solution more of buying great users But add-ons integrating Apis. is saw

the was is able solution sell most that I now in is So, to customer. But our it's all feeling think we quarter strong across. my to this introduced

Sterling Auty

to guys the markets. Thanks, and Great. public welcome XX:XX

Or Offer

XX:XX Thank you, Sterling.

Operator

with from question with Drew question. your the Citigroup. The next of Please proceed line XX:XX Foster

Drew Foster

or and guys. in line XX:XX Hey the growing of to your your it Jason, another relative thirty up this sort marketing points quarters so, has for taking spend quarter, question. with past the top Thanks was line sales QX. been directionally six sequentially for

those of sales there remind on incremental and how us that the So like six how you’re marketing and is think level, if return to And adding we marketing To and about you salespeople just could sales envelope extent over then high and you breakdown quarters. much top return should investments how clearly that. indicator accelerating bit of the of advertising, at where a infrastructure those quicker the incremental XX:XX dollars the protracted? or get and is for a magnitude within is leading more investments to your is might a spend next pace related on much line that that the a

Jason Schwartz

Hey Thanks the XX:XX Drew. question. for

a is a continuing huge as capture So, of what now of to to that share result that And right ahead us. that, larger opportunity Tam we're market we a we and invest see. of see

grown think so, release that our seen I responsible accelerated to way has that really business. approach balancing But have and in the growth And headcount we efficiency. press the invest that is hiring, may you a in across have

road. to we're think we do that's that's to And continue so further going do and what of indication growth down an that the

versus but retention customer dollars, forty do goes customer on and spend our say break of and we As to expansion. between about is it of percent sales split, and we is far the headcount new as sixty the down dollars acquisition what spent about percent split don't marketing marketing

Drew Foster

then Thanks. you gross helpful. had strong And Really improvement. margin XX:XX

you press out called your top it at think the I release. of

could what's So over you guys. time? where driving you to just those maybe unpack you drive could that and think Thanks

Jason Schwartz

fixed kinds infrastructure, A our stuff Sure. sales of costs comprised the you typical Yes. have. lot and cost is XX:XX in of of of the that

as well hosting investment and actually support, the data as we make at cost Aws of external all internal that cost both have our in and We assets. we host

a of thousand same it's data running fifty five five really to fixed us is whether because customers. hundred which need the - providing or for so that And cost service we're amount we

the potentially near with comfortable then in as in we’re for quarter years. natural going forward last on given; this We and get that we So the only leverage improvement fixed we've three the levels the that's going costs, that forward, guidance update trend those you. and but there's staying we see that we're that think a not you same guidance over two, the term the about think of we'll time over over course

Drew Foster

lot. a Thanks XX:XX

Jason Schwartz

Thank you. XX:XX

Operator

from of is question Please your line questions. The Suri William XX:XX with Bhavan proceed next the with Blair.

Bhavan Suri

you've marketing, these I'd But being congrats at of I to is vendor guys, this web wanted are driving job. strength. look just sort the replace on to intelligence understand guess new company. what's the customers or guess that, Nice I and to as momentum time? programs sales Hey first XX:XX got and customer a for another increased obviously quickly of I touch that welcome you public love sort partners. first

Or Offer

So, XX:XX question. a good

the I are at think that of we only deal the that majority it's us. it's basically

not mostly are replacing. greenfield opportunity. It's We a

Bhavan Suri

you platform you. nineteen any re the couple building once strategies these customers they've where they they then of key implemented when we Got a solutions. changing that sort from adopt change? of their solutions, they seen of you. Thank are should you. you how Got when Have launched and progress different sort and of they think they cases. about are customer start to use strategy How are sort adopting change And data XX:XX in a with five in

Or Offer

in strategies customers, in this think of also introduce to them it's also perspective introduced we insights and get insights we’re good for forward. kind and develop of more going question. data see investors like a into how develop It's we a and all our market, them offering and on offering about I when our unlock and market I do new new giving we our data of drive bringing more and sharp example then come XX:XX we vertical Shopper the they our and with once kind strategy Cpg and then whole new customers, we they they understand that one new can now the solution saw and that solution strategy around to the better it kind solution data

see see drive even intelligence present we So will it do a understand and strategic that to the and the I the business. they innovative And come across that lot things digital the it that, and do use more of have to are can customers. power decision I new how they

Bhavan Suri

XX:XX color for Gotcha. guys. Thanks my the taking questions. and nice Thanks job for

Operator

questions. comes Please Jefferies. with from with Thill question line of your proceed Brent Next the XX:XX

Unidentified Analyst

[John XX:XX Dan] I had Hi, is Thill. This for thank (ph) Brent you. two questions.

the among relative shed light some major of five for One then on And maybe probably it’s the and five strength any you have Jason. the particular second, solutions highlight just to you could if contribution.

the Thanks comments on variations Just trends linearity want any quarter, very during to by to particular see any quarter note the month, much. if the including date?

Or Offer

I start Jason talk So the will solution XX:XX then can answering the trend. about and

But So, we're of very growing lot and our so a our to solution majority XX:XX are growing our all growth. very solution to That of the that of tool to overall trend. nicely, of the shoppers, develop for are together. offering putting are you all customers new the we historically investors with efforts accelerating solution. we is success of want Cpgs marketing offering. great answer our improve and very and core I lot solution still them them Jason our And the a buy the nicely. used for research with start nicely. we're the saw And through happy And the And business and think a

Jason Schwartz

Yeah, sure. XX:XX

visibility variability quarter. into there's quarter on predictability to revenue trends the an some Arr general, the got and good model, as Within start we because But in quarter. quarter, we from run we've the

Unidentified Analyst

noticed activity to that in of were you. and Ups down, will trend? variation Great. bit it opposed customer that. mean, Maybe just there as for I revenue on me. terms the a and Thank be little anything that you

Jason Schwartz

not material. Not, XX:XX

see customer lot And demand motion. pleased lot think continued I we activity the and a quarter. of with customer we're of a throughout that

Unidentified Analyst

XX:XX again. Thanks

Operator

XX:XX proceed with of your with from The question. the question Lenschow line Raimo is next Please Barclays.

Unidentified Analyst

and new Raimo. are generator in enhancements understand how Ipo Sheldon seems it tool. differentiated Hi. XX:XX compared the thanks question. Google competitor you And on like capabilities. any capabilities you. solutions you color to early on the we're on for the taking This the and the the there. opportunity? for Can is me Can the Interested to Youtube Congrats help innings Thank my keyword Seo, on existing in provide suite still additionally

Or Offer

XX:XX Yeah.

thank answer for you question. And will So, I that.

that engine develop trend their commerce, Amazon customers is our want very give And search is search out is to insights. the generator bring biggest other show already their provide engine involving I think today our approach And for keyword Youtube we to market in unique and is to unique asset we own that enhancement our so, the competitor shopping and to the our like data strategies. that second with biggest to know activity. no for that e there And can the there also and recognize this understand we new search sales

around really think coverage we new after you and our that And go and lot and the put data almost a keyword to and big of be bring our high we give results there. the innovative to very down, So with and very quality realize accuracy and generator we eight with strategies to for check I can and this hundred happy new million more ideas customer traffic. do keyword acquire will motion we're

Unidentified Analyst

Thank you. XX:XX Great.

Operator

Our question XX:XX your the from of line is Helfstein Jason proceed Oppenheimer. questions. next Please with

Patrick Josephs

questions This dive ARR metrics. Jason. and I deeper into XX:XX Patrick a for to a Hey start on just for you want is record bit the consolidated on of guys. our Josephs the and taking strong little congrats out Thank gate.

broadly Or not is driving during that closed quarter pandemic? there could just shift the which it deals be behavior Specifically leads into the were client a just in second is that percent NRR a more expect basis? to should Similarweb. spend know on metrics, forward, NRR five one guys going but greater Also, we at you I are hundred that guiding consolidated of

Or Offer

So and side, it opinion. his from my add will answer to I Jason try can XX:XX

spend our and hard work our approach, sales packaging, relationship NRR introducing past historically a a of Our growing our did And Roi in more quarters. with lot collecting for side? with Jason a result lot this new maybe why customer; keep to our money great NRR; also we platform, add it's of fruits; in this quarters is build more the your the pricing start value growth to from is adding is many and see us. to and And over the customers. they want offering improvement and of now And why data, our our in in you we we many of

Jason Schwartz

result we is Or a agree of that what's course metric. of I of segments work strengthening NRR all and with saw that lot think customer driving I on retention both hard that. This which the is you and upsell, on

Patrick Josephs

product. follow-up been and the app update XX:XX the of development app Thanks. give product the there delays an a to related whether question any measurement given Thanks. update? just on ios us you Could measurement Okay, And great. have the

Or Offer

app? Ad XX:XX or

Patrick Josephs

app the product. Sorry, measurement XX:XX

Or Offer

so yes. Okay, XX:XX

data end months, lot So this by data more coming in the and of to they’re a going decide around deal offering to provide ios improvement app great on we to And app the and development the of lot market our a also a the there, down and to hopefully ecosystem. introduce development of the double year. insight the lot Android of introduce

around in improvements our are coming to area. few down more and next app But we effort quarters great scale doubling putting offering. reach this of lot and the a So

Patrick Josephs

XX:XX questions. Okay, great. Thanks for the

Operator

XX:XX Thank you.

question. your Your proceed Please Pat Walravens final Group. question comes from with Jmp

Pat Walravens

Thank Great. XX:XX And guys. congratulations you. you

great one So the e look win Arr. expansion first dollars with is, at five company, if three a million point this, commerce the in it's you my

question how like company At first done dollars it there point my So is getting keep is bigger? or three can room million much you that? more at five a are

Or Offer

be I what ten that million is them because with this first my great I I that customer team. is question dollar just our customer. think. told This This a XX:XX target a have and will great the hope talk

room much to is there go. So

Pat Walravens

of but that can know you million XX:XX be other told you Arr? then if have customers a not north Okay how what And That's this, what us in that there like you and one and Arr hoping. in have if million of pipeline are north for does don’t where, dollars disclose the one that look many Jason just are many great. ones how was I I other

Or Offer

- fortune have. XX:XX we’re and we how much then have we seven Jason though. the Yeah. presenting big most roadshow hundred So our to customers that? increase of we customers. give, this add talk are not to I And in a But how right reporting, figures already I’ll get part see [Indiscernible] hopefully, I start, as do and now, of not to sector of down reporting but And you we answer as the can think pay will road, to a the we them on need figures customer. five and seven Jason, want many

Jason Schwartz

focus think where who quarter customers. year year that We solution we starting can multi to get as smaller time, Or But makes of Or we've that XX:XX today, Arr. percent dollars forty this thousand spend of driving customer and numbers a same into accounts. as are up and that over the growth percent customers expanding than nine two customers multi-solutions dollars seen, we're to be lifetime or over getting in about hundred group seeing those customers talk number our growing time over customers that As the more strategic our that cohort said, that talked single one up Today, from we in about we motion that we of hundred and us. XX:XX digit thousand with are saw fifty that and see value, the about seven

Pat Walravens

revenue in building out one in you're that think how fast and term bring products your hiring years, what's we And not the the internally the putting market to terms you're longer your this you do is your going term? quotas that of that to together; think and company over growing plan sort growth terms longer then Great. XX:XX should for about of you so just how me. guiding what of Jason, to Obviously, last but aspire you're to all

Jason Schwartz

do to us. we we've XX:XX It's said, how and a we at the we've And it see and a both tam responsible efficient that shown great of a like huge way. looked and performance how know in ahead we grow also question And pat.

we can smartly to a and to share in extent that that that And to growth efficiency. continue look continue see. market to will really larger that we capturing invest leaning we balance so, the But forward to do and that, we of will

Pat Walravens

That’s it me. for Okay. Thank you. XX:XX

Operator

you. we've call the At reached now closing this the turn XX:XX Thank time, for session. to end I’ll management remarks. of answer and question over the

Or Offer

question. you, you, your year. our you I'm here our your Thank come, to investor really first we to make XX:XX deliver, be many Thank to everyone. and hope It's answering question. out for happy. Thank good continue amazing call of and for for that's hope excited in time and

Jason Schwartz

XX:XX Bye.

Operator

This conference. XX:XX you. concludes Thank today's

time. You your participation. may Thank your for disconnect this at lines you

Similarweb (SMWB) 11 Aug 212021 Q2 Earnings call transcript