Financial Outlook

"Revenue growth continued to accelerate this quarter, driven by new customer acquisition and improving retention," stated Jason Schwartz, Chief Financial Officer of Similarweb. "Our operational performance this quarter highlights our commitment to disciplined execution." He further noted, "We achieved a fourth consecutive quarter of operating profit and generated $16 million in free cash flow in the first half of 2024. Given these results, which exceeded our expectations, we are raising our revenue and non-GAAP operating profit outlook for the full year 2024." Schwartz emphasized the company's progress, saying, "We are making significant strides towards our long-term profit and free cash flow targets."

• Q3 2024 Guidance
  • Total revenue estimated between $62.5 million and $63.0 million, representing approximately 15% growth year over year at the mid-point of the range.
  • Non-GAAP operating profit estimated between $2.8 million and $3.2 million.
• FY 2024 Guidance
  • Total revenue estimated between $246.0 million and $248.0 million.
  • Non-GAAP operating profit estimated between $13.0 million and $15.0 million.

The Company's third quarter and full year 2024 financial outlook is based upon a number of assumptions that are subject to change and many of which are outside the Company's control. Actual results may vary from these assumptions, and the Company's expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss and gross margin, the most directly comparable GAAP measures to non-GAAP operating loss and non-GAAP gross margin, respectively, and similarly cannot provide a reconciliation of these measures to their closest GAAP equivalents without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company's control and may vary greatly between periods and could significantly impact future financial results.