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Mar 31, 2024
Semrush Q1 2024 Earnings Report
Semrush's Q1 2024 financial performance was marked by revenue growth, increased profitability, and advancements in their platform.
Key Takeaways
Semrush reported a strong start to 2024 with a 21% year-over-year increase in both revenue and ARR. The company exceeded profitability guidance, driven by new customer additions and expansion of average revenue per customer.
Revenue increased by 21% year-over-year to $85.8 million.
ARR grew by 21% year-over-year to $354.2 million.
Operating income was $1.5 million, a significant improvement from the previous year's operating loss of $10.8 million.
Free cash flow was $12.0 million, representing a 14.0% free cash flow margin.
Semrush
Semrush
Forward Guidance
Semrush raised its full year 2024 guidance, expressing confidence in their ability to grow and scale the business.
Positive Outlook
- Second quarter revenue is expected to be in the range of $89.1 to $90.1 million, representing approximately 20% year-over-year growth at the mid-point.
- Second quarter non-GAAP operating margin is expected to be approximately 11.0%.
- Full year revenue is expected to be in the range of $366 to $369 million, representing growth of 19% to 20% year-over-year.
- Full year non-GAAP operating margin is expected to be between 10.5% and 11.5%.
- Full year free cash flow margin is expected to be approximately 8.0%.