Semrush at Goldman Sachs Conference: AI and Enterprise Growth

On Monday, 08 September 2025, Semrush Holdings (NYSE:SEMR) participated in the Goldman Sachs Communicopia + Technology Conference 2025. The company outlined its strategic focus on AI and enterprise solutions, highlighting significant growth in these areas. While Semrush is optimistic about its future, it faces challenges from competitors and internal efficiency improvements.

Key Takeaways

• Semrush achieved $435 million in annual recurring revenue (ARR) with 18% revenue growth guidance for 2025.
• The enterprise segment is growing over 30%, with a strong focus on converting existing users to their enterprise platform.
• AI and enterprise products are expected to double their combined ARR to $50 million by year-end.
• The company maintains a 12% operating margin and a strong cash position of $260 million.
• Semrush aims to leverage AI to automate workflows and enhance digital marketing strategies.

Financial Results

• Annual Recurring Revenue (ARR): Reached $435 million.
• Revenue Growth Guidance: 18% growth expected in 2025.
• Enterprise Growth: Over 30% growth with strong net revenue retention.
• AI and Enterprise ARR: Projected to double to $50 million by year-end from $25 million in Q2.
• Operating Margin: Maintained at 12%.
• Cash Position: $260 million available for strategic investments.

Operational Updates

• AI Focus: Significant investments in AI-driven tools and features.
• Enterprise Product: Launched a year ago, now the third fastest-growing product.
• AI Toolkit: Fastest-growing product, achieving $3 million in ARR within months.
• Enterprise Customer Base: Targeting 9,000 potential enterprise accounts with a 60% conversion rate from existing customers.

Future Outlook

• AI as a Priority: AI is the primary focus for digital marketing in the next 6-12 months.
• Long-Term Vision: Continue fueling digital marketing journeys with AI automation.
• Growth Vectors: Prioritize AI and enterprise strategies for product and market expansion.

Q&A Highlights

• Enterprise Competition: Faces competition from homegrown solutions and manual processes.
• Data Network Effects: Enhanced by access to customer data, improving metrics like traffic and search volume estimates.
• Capital Allocation: Focus on organic investments, opportunistic M&A, and share repurchases.

For a more detailed account, please refer to the full transcript below.

Full transcript - Goldman Sachs Communicopia + Technology Conference 2025:

Adam Hotchkiss, Covering Emerging Software Space, Goldman: All right, great. Thanks so much everyone for joining us. My name is Adam Hotchkiss, and I cover the emerging software space here at Goldman. I’m really excited to have Eugene Levin, President of SEMrush and Brian Mulroy, CFO. Thanks so

Brian Mulroy, CFO, SEMrush: much for being here. Thanks for having us.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Of course. I guess Eugene and Brian, feel free to chime in as well. For those in the audience less familiar with SEMrush, just maybe give a brief overview of what SEMrush does and what you’re trying to build as a company.

Brian Mulroy, CFO, SEMrush: Sure, absolutely. I can do that. So just a quick high level overview. We’re a digital marketing company. Our focus is on what we call top of funnel digital marketing, which is basically all the channels that are important to business owners and marketers to generate traffic and awareness about their brands and ultimately convert that traffic to paying customers.

We have seven core channels we talk about and focus on. One is AI and brands and businesses trying to figure out how to navigate this new AI landscape, and figure out how to monitor, their brands perception, overall mention, and overall share of voice within this new AI landscape and then shape it to make sure that it’s actually favorable and accurate based on how they want to be representing their products, brands and services out there on the in the digital landscape. Second is traditional search. There’s still 15,000,000,000 searches a day on Google, and marketers and business owners want to make sure that their content is ranking and visible and that they’re getting the appropriate recognition out there based on their overall business needs. And then there’s others, social media, local marketing, content marketing, brand marketing, and we have a data and intelligence layers that allows them to gain important insights and actionable insights about their brand online.

Overall, from a financial perspective, we achieved $435,000,000 in annual recurring revenue. And our guidance for 2025 is revenue growth of 18% and expanded profitability. So I know we’ll dive into a lot more in terms of our go to market and overall product strategy, but that’s an overview of the business.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Great. Before I begin, maybe Eugene, Brian, just give brief backgrounds on yourself would be helpful to start.

Eugene Levin, President, SEMrush: Yes, sure. I am Eugene. I’ve been with company for about ten years. I’m President at SEMrush. And so I have seen it all.

When I joined, we were a small shop, maybe about 16,000,000 ARR or so. So we grew the business more than 25x, which I’m very proud about. And before that, I was in venture capital. So did everything from seed stage to late stage, pre IPO, technology, software, consumer Internet, pretty much everything.

Brian Mulroy, CFO, SEMrush: And Brian Mulroy, I’m the CFO here at SEMrush. I’ve been here for two point five years, and I’ve been in software technology and particularly finance for pretty much my entire twenty five year career. Prior to SEMrush, was at Microsoft, Nuance Communications near Boston and other software technology companies over the years.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Fantastic. I think a great place to start would be the changing search landscape. Obviously, SEO is one of the core things that you do as a company. You’ve talked about doing AI optimization in terms of helping folks get visibility into how the large language models and things like ChatGPT are affecting their brands and businesses. Maybe just let’s take a step back and look at the high level.

What in your mind is happening in the search landscape? How is Semrush addressing it?

Eugene Levin, President, SEMrush: So the way we think about this is that AI adds new use cases that didn’t really exist before AI, such as multimodal search, more complex queries. You can ask AI things that Google in pre AI era would struggle with. And so as people learn about those new use cases, they use AI search increasingly frequently. And the total combination of let’s say traditional search use cases and AI search use cases is much greater than all the use cases that existed before. And so as a result, pie gets bigger.

So more and more search interactions happen today and it will keep growing until AI search adoption reaches, let’s say 100% or something close to 100%. And at the same time, brands need to figure out how they appear in AI search. What does it tell about them? Is it beneficial? Does it drive purchases or not?

And while this new discipline is very similar to traditional search engine optimization in terms of research and measurement, it also has a lot of differences in terms of how you influence the output of the model. So for traditional search, the goal was to rank your own website and most of the work that you would do would be technical optimization of your website and content creation and you would optimize primarily content published on your website. And then of course, you would work on the authority, but you would try to build authority for the website, not necessarily for brand in a broader sense. And then for AI optimization, it’s a bit different because you are not necessarily trying to make sure that AI chooses your content in every instance. What you’re trying to do is figure out what content influences the output of AI prompt and work with those sources to make sure they have correct and favorable representation of your brand.

So it’s about building authority, but not just for your website, building authority for your entire brand and your products. And that includes working with influencers, with media, managing reviews, managing your overall online reputation and of course publishing great content that people want to share.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. That’s great. And how do you do that in an AI world in a setting like OpenAI, ChatGPT or the LLM outputs on Microsoft or Google relative to the way we all were used to using search and seeing sponsored pages and organic pages?

Eugene Levin, President, SEMrush: So right now, most of the output is all organic. We think eventually, of course, Google will introduce monetization model for Google AI mode. So there will be some sponsored links there. We don’t really know how exactly this UX is going to look, but there will be options for brands to promote themselves by paying money. For ChatGPT, they may actually choose to not do this anytime soon.

They’re making a lot of money through premium subscription model. And so I don’t see why they would need to urgently build advertising arm of their business. So their results might remain purely organic for a foreseeable future. And I think that’s something that brands need to understand. You cannot really go and buy yourself visibility in AI search, least not today.

And so you need to think about organic and start building your authority today because if you don’t do this today, someone else will do it tomorrow. And at the end of the day, AI cannot mention infinite number of brands in their reply.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. That’s really helpful. And next one for you, Brian, on 2Q performance. I know you lowered guidance and you mentioned decisions around resource reallocation upmarket rather than demand issues as causing some of the changes in the revenue guidance. So maybe just talk about the quarter a little bit and what drove the change in the guidance?

Brian Mulroy, CFO, SEMrush: Yes. We’re our guidance for 2025 is 18% growth, so very strong, durable growth for SEMrush. We’re focused our priorities and growth vectors for now are focused on AI and capitalizing on that opportunity. We see it as a once in a lifetime generational shift where, as Eugene mentioned, marketers need to think differently and focus on more than just the traditional channels that they’ve been relying on. So we’re investing very heavily in AI.

Enterprise is a huge opportunity for us. We noticed over the years that a lot of enterprises were piecing together point solutions and no one had a standard digital marketing platform that allowed them to focus on all aspects of digital marketing. And we’ve invested in our product portfolio to create that AI first enterprise comprehensive platform that allows marketers and businesses to displace a lot of that point solution fragmentation. So we’re investing very heavily in the product and the overall go to market that elevates us from being a transactional player to one that’s more of a trusted advisor and partner to figure out their needs and make sure that we’re they’re capturing value from our expansive enterprise platform. There’s some parts of the business that are a little softer than others.

Our enterprise business overall is growing over 30%, has really good strong net revenue retention, and we expect that, that will continue to perform really well over the years. On the flip side, there’s a cohort of freelancers where, because of macro dynamics, the performance there, is a little softer than what it’s been in the past. And what we’re seeing is there was a surge in demands post pandemic. Everyone was taking advantage of the great resignation and starting the small basically hanging a shingle and starting small agencies and the supply of freelancers just outpaced the demand. And we’re seeing a reversion to the mean trend there.

Even with that though, still continue to deliver really strong growth and our focus and priority growth vectors are on AI enterprise from a product and a go to market perspective.

Eugene Levin, President, SEMrush: Yes. It’s a

Adam Hotchkiss, Covering Emerging Software Space, Goldman: really good segue on the first point there to the enterprise piece. Roughly two sixty enterprise customers with the new enterprise product out of the 9,000 potential accounts you’ve identified. It’s about 3% penetration. How do you go about with your current resourcing and profitability objectives targeting the right enterprises to go after next? And then how do you think about I know you’ve talked about this ACV uplift.

I think you said $60,000 last time we spoke. Do you think about what that opportunity looks like longer term?

Brian Mulroy, CFO, SEMrush: Definitely, it’s a great question. Prior to us embarking on this enterprise product and go to market journey, SEMrush through really low touch, no touch type of go to market motion had acquired 9,000 enterprises. We’re in directly 40% of the Fortune five hundred and then through agencies, pretty much all of the Fortune five hundred accounts are using SEMrush either directly or through those agencies. And we saw that as a big opportunity. So we launched a year ago an enterprise version of our platform.

And in the last year, it’s the third fastest product. The first two are actually new AI products that we’ve launched even more recently. But the enterprise product is performing well, building momentum. And our goal is to convert all 9,000 plus all the enterprise size accounts out there that have yet to use SEMrush and to capture them as a SEMrush enterprise customer. About 60% of those who have adopted it so far are existing Semrush customers that we’ve converted from our core platform to the enterprise, 40% though are brand new logos that are new to Semrush.

So it’s a big growth factor for us and something that will allow us to drive durable growth into the long term.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: And Brian, what or Eugene, either of you, what does that functionally look like? So when you had brought on 9,000 customers sort of through the low touch model, was that just a couple of employees? Because I often hear when I talk to folks that come from the agencies, right? There are folks who are perennial SEMRush users. And so when they move to an enterprise, they may bring that experience with them.

Do you often see it that way where the low touch model brought you to maybe a couple of employees within at the lower levels of an organization and your goal is to move it higher up into the organizational level? How does that mechanically look for you?

Brian Mulroy, CFO, SEMrush: Yes, it’s a mix of both. It is certainly a large cohort of customers, whether enterprise sized or even SMBs, who find SEMrush, realize there’s a tremendous amount of value in our platform and are able to generate a good return on investment. And many of them come through with our own top of funnel online awareness activities, do a trial, register and then convert to a paid customer with a credit card. Over the years though, as we’ve expanded our platform and of course our influence in these accounts, many of them even before we had enterprise had already evolved to using our full portfolio and in certain cases paying us over $100,000 a year, in annual recurring revenue. In those cases, we’ve already gone through the process to negotiate contracts, work through their procurements and legal and of course establish a relationship with their digital marketing leader team.

So we’re kind of we feel like we’re already ahead and have already established a relationship in the contracting structure and are using this enterprise portfolio investment to just accelerate and expand our footprint in a lot of the sophisticated enterprise accounts.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay, very helpful. Let’s move on to AI Toolkit. I think you had mentioned two products are growing faster. This is sort of explaining that. Fastest growing product in company history reached $3,000,000 in ARR within months of launch.

And when you combine enterprise and AI, you’ve said that you expect that ARR to double to $50,000,000 in ARR by year end versus where it was in the second quarter. What gives you the confidence there?

Brian Mulroy, CFO, SEMrush: Yes. Just to of map out numbers. A year ago, we didn’t have any enterprise products and no AI first products that help companies to opt especially navigate through and understand their online position and to shape that within the new AI search landscape, so nearly zero a year ago. By the end of the second quarter, the combination of our AI products, two of which were just launched in the first and second quarter towards the end, so only a couple of weeks or a couple of months in. And our enterprise portfolio had already achieved about $25,000,000 in added recurring revenue, so combined across those two focus areas.

By the end of the year, we expect $50,000,000 and it’s a function of really three things. One is we’re seeing really strong interest and demands for AI and our enterprise portfolio. I think brands are recognizing to compete in this new landscape that they need to think differently and to leverage actionable data and intelligence, workflow and technology that gives them the visibility and ability to shape their brands in this new AI first world. So there’s a lot of interest. We’re seeing a lot of momentum building.

And then of course, in the enterprise play, we’ve been investing in the products. We launched a second AI sorry, enterprise product in June and then the third one in July. So we’re expanding the overall enterprise capabilities, and the average AR potential in that particular growth vector. And also investing in the sales organization, which is continuing to ramp up and we’re seeing traditional second half loaded type linearity and seasonality with the sales organization. So it’s a combination of really strong demand and interest, new products that are in the market and then scaling up our enterprise go to market that gives us confidence that we can continue that strong momentum and double the size of those products by the end of the year.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. That’s helpful. And who do you often most compete with in enterprise? What and then what unique advantages do you have when you think about your AI tools versus some other folks in the market?

Eugene Levin, President, SEMrush: Yes. I think in enterprise, the main competition is usually with something homegrown. So essentially convincing people to abandon old ways and embrace kind of new platform approach. One best of examples that I have is we have a client which is very, very big corporation. And as we were onboarding them, they send us their report that they wanted us to replicate in SEMrush enterprise platform.

And it was a report that would go pretty much all the way up to CEO level. Of course, in a processed way with, you know, charts and everything, but it would be based on the same Excel spreadsheet that we received. And this Excel spreadsheet had over 100 tabs. Each tab would have twenty, thirty columns. Each column would need to be populated manually, like you would need to go and download something from somewhere and then manually paste it.

And you would have to do this every month at least. And then there would be some formulas. For example, they would have custom definitions for their share voice metric, and they would have custom segmentation. And often you would make an error either when you copy paste something or in the formula. And so the whole research is sorry, the whole report is wrong, and it may take you months to find out that it was actually wrong.

And sometimes you have been reporting wrong numbers for a while. And this is the best example that I have to show how bad sometimes status quo is in those large corporations and how much they need to move from this approach to true enterprise platform that does all those things automatically, that updates in real time, where we have certain mechanisms to make sure there are no errors, there’s certain quality control and so on. And then in terms of complexity of those setups, sometimes spreadsheet is not the worst thing we’ve seen. Sometimes you have some kind of custom code written on Python that pulls data from somewhere, And then the guy who wrote that code is not with the company anymore. And so there is another person who tries to maintain it, but struggles to make any changes because this person is not an engineer.

And then sometimes they maybe migrated from one BI system to another BI system, and then in the process they had critical dashboards that let’s say C level consumers and they migrated those dashboards. But for other dashboards, they didn’t have resources. So they have one type of reporting in one BI system and another type of reporting in another system and they’re completely inconsistent between each other. And so those are realities of SEO in large corporations and how they do that. And of course, it impedes decision making process and there are certain things that they need to do that they cannot do with this kind of data set of things like, for example, internal linking or programmatic SEO or content creation at scale or even understanding what have happened with your website during one of the algorithm updates.

And so our enterprise SEO platform solves it all, and now it also solves the same kind of problems for AI optimization. It’s just with AI optimization, there haven’t been enough time to build all of this ridiculous legacy. But in terms of competition, I think that’s really what we’re fighting against. The point solutions in enterprise SEO, they’ve never been very competitive because most of the businesses would rather use SEMrush PLG version and supplement it with their homegrown code than use point solution enterprise SEO.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. That’s helpful. Why doesn’t why didn’t something like this exist then? I feel like whenever I hear about these case studies of such inefficiency within a business, it feels like within the SaaS world, a lot of that has been solved at this point. Why do you think that hasn’t been solved before your product?

Eugene Levin, President, SEMrush: Right. So like I said, in enterprise SEO, there are players who offer their products, but they have much weaker data. And so a lot of large enterprises, they looked at it and said, you know, we can add a lot of functionality through custom development internally, but we cannot solve that data problem that a lot of those other companies have. So because SEMrush always had superior data, they would use SEMrush and then try to build something around it. And that’s why it’s so easy for us to go and replace this homegrown kind of patchwork as we’re saying, it’s all based on SEMrush data anyway.

We just have much better tooling around this data now that works out of the box and that we will maintain and so you can allocate your R and D and data science resources in places where they would have better ROI than maintaining kind of clunky reporting infrastructure or data analytics infrastructure. So it’s a very compelling value proposition.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Yes. I want to get to the financial questions, but I just thought of one that I think to follow-up on that. We’ve heard a lot about the death of software in the last couple of months. And I would love to just have you give I think this goes to your data mode as well and maybe explaining what the mode around your data is. What does SEMrush look like in a post generative AI world?

And what gives you the confidence that your platform won’t be displaced by some of these AI native applications that are coming out?

Eugene Levin, President, SEMrush: Yes. I think you’re absolutely right. The data that we collect and the way we process is the most efficient way to do this. And AI can present information differently or AI can maybe simplify analysis. For example, we’re building a lot of workflows where things that previously would take hours to combine into report now take minutes.

So we definitely leverage in AI to do that. But in terms of fundamental data, there’s still a cost of collecting and storing data and our infrastructure is just designed to do this in the most efficient way. On top of that, there are network effects with metrics such as traffic estimates or search volume estimates where they’re accurate because we have access to source of truth data that our customers share with us. And so then we can combine our signals from publicly available information from the Internet and from our panels with the source of truth data to calculate metrics such as search volume estimates and traffic estimates. And the more source of truth data we have, the more accurate our estimates become and the more accurate our estimates are, the more attractive this data is for customers who use the product, share even more of their data, which we use to make our metrics even better, kind of reinforcing the flywheel effect.

And again, there’s nothing that AI does to that, right? So while I understand the sentiment and I think in terms of interfaces, interfaces I think become indeed less valuable in the future. And the fact that you can simply type what you want and get the result is very powerful and disruptive. However, SEMRF product is not really interface heavy. Most of the value that we provide is data, And interface is really just the way, one of the ways to get this information.

And we are okay if you’re using our interface, we’re okay if you’re using our API, we’re okay if you’re using MCP, which we launched today. We just want you to use the best data to drive your marketing decisions, whatever. And and the interface is is really a secondary consideration here.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. That’s really helpful. Brian, on the enterprise and AI product portfolio as it stands today, as you think about moving towards your target ARR per customer longer term, do you already have the necessary product components that you need, particularly on the enterprise side and able to to be able to get there? Or do you foresee inorganic and organic product launches needed to do that?

Brian Mulroy, CFO, SEMrush: We do now, In Analyst Day and even in the last four quarters, we’ve been talking about average ARR for the enterprise cohort expanding to over 100,000 and the enterprise SEO product that we launched in June 2024, so about a year ago, got us to 60,000. The rest of the way there came in June, where we launched our enterprise AIO products, basically an enterprise version of everything we’ve been talking about tonight. It’s a product that allows you to monitor, analyze and then shape your brand inside these new AI digital marketing channels. And then in July, we launched Enterprise Site Intelligence. So combined across those three products, there’s more to come.

There’s of course other non enterprise components of our portfolio that enterprises absolutely get value out of and continue to use. But all in, we’re already up over $100,000 in average ARR for the cohort of customers that are adopting this enterprise platform.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Fantastic. And then on operating margins, you’re maintaining 12% operating margins. I know there are incremental investments going in, but you’re balancing that with growth and profitability. Just more broadly, as you start to think steady state for this business, how do you think about the balance between growth and profitability?

Brian Mulroy, CFO, SEMrush: Yes. It’s It’s something we have to think about every single day, that’s for sure. And we’re a growth company, and continuing to invest and continuing to make sure that our company is positioned to maintain our strong market leading position and of course, continue to deliver durable growth, which as of 2025 is 18%. We’re also able to take advantage of incredible synergies and efficiencies throughout the business. Eugene mentioned our data collection and ability to scale those data assets is the best out there.

That along with our ability to scale the business across a very wide cohort of customers, we have 116,000 customers and continue to grow and scale our business. It gives us a structural advantage. So our gross margins are really strong. They continue to improve, and it gives us a structural advantage to reinvest back into the R and D, sales and marketing capabilities of the business, but also to generate expanded profitability. And then even within our operations of the business, we’re continuing to take advantage of AI internally.

We’re automating a significant number of customer engagements from both the customer success onboarding and customer support perspective. Our R and D teams are using it to bring products to market faster and to be more efficient in the work that they’re doing. And we’re leveraging it in hundreds of ways throughout the organization. So the combination of our scale, the structural advantage that our gross margin provides and our ability to gain efficiencies in part through AI continues to allow us to invest in the business and maintain a growth priority, but also to expand our margins, and that’s something that we’ll continue to do.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay, great. Any questions in the audience? Brian, on capital allocation, how are you balancing your thought process between opportunistic M and A, share repurchases and investment?

Brian Mulroy, CFO, SEMrush: Yes. Samrush made it easy on me. So we have two sixty million dollars in cash. So it’s about as flexible as you can get. Of course, our first priority, invest organically in the business to maintain that AI and enterprise edge and still have plenty left over to do M and A.

We’re focused on close adjacencies and things that allow accelerate our strategic imperatives and priorities forward. So we’ll continue to focus on both organic investments and our inorganic investments as they make sense. And we even have, because we have $260,000,000 we’re afforded the opportunity at a time where we feel our valuation is attractive and where SEMrush needs to convey conviction about the AI and enterprise opportunity that we can even return capital to shareholders through the share repurchase. So we’re doing all three and feel like we have plenty of firepower to invest in the business and enable the share repurchase as well. Fantastic.

Last question for me for both of you. Number one, what is the one thing you’re most focused on over the next to twelve months? And then as you look further out three to five years, what

Adam Hotchkiss, Covering Emerging Software Space, Goldman: are you most excited about from an opportunity perspective for SEMrush?

Brian Mulroy, CFO, SEMrush: Sure. Look, our vision as a company is to fuel every digital marketing journey. It’s been the vision of the company since we started. As digital marketing continues to evolve and marketers get more sophisticated and need more intelligence and workflow to do their best work, we’ve kept pace and launched new products to market that fuel their journey regardless of what channel is important to them. And in the three, five years, we’re going to continue with that vision and continue to keep pace with the evolving digital marketing landscape and expanding sophistication of marketers.

In the next six to twelve months, the digital marketing channel is important and new to marketers. It’s all about AI. And our focus and priority number one is to make sure that SEMrush is enabling marketers and that we’re essentially serving as the AI or LLM optimization layer that’s important for marketers and business owners to succeed in this new landscape.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Okay. Eugene?

Eugene Levin, President, SEMrush: I’m really excited about AI. So we’ve talked a lot about AI optimization, how we’re helping our customers to be visible in this brave new world. At the same time, I’m equally excited about all the AI features that we are implementing in our product, AI workflow automation that we are adding to the portfolio of products. Again, my goal for next five years is that things that would take you hours or maybe would not even be possible will now be not just possible, but would be something that you can do within minutes if you can just imagine them.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Very inspiring. Appreciate it. Thanks so much for your time, Eugene and Brian.

Eugene Levin, President, SEMrush: All right.

Brian Mulroy, CFO, SEMrush: Thanks, guys.

Eugene Levin, President, SEMrush: Thank you.

Brian Mulroy, CFO, SEMrush: Appreciate

Eugene Levin, President, SEMrush: it. All right. Thanks.

Adam Hotchkiss, Covering Emerging Software Space, Goldman: Great job,

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.