Greetings, welcome to Similarweb second quarter fiscal 2021 earnings conference call. At this time all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference please press star zero from your telephone keypad. Please note that today's conference is being recorded. With us today are Or Offer, Co-Founder and Chief Executive Officer, and Jason Schwartz, CFO. At this time, I'll turn the conference over to Annie Rosenberg with Investor Relations. Annie, you may now begin. Thank you, operator. During this call, we will make forward-looking statements related to our business, including statements related to the expected performance of our business, future financial results, strategy, the potential impact of the COVID-19 pandemic and associated global economic uncertainty, long-term growth, and overall future prospects. These statements are subject to known and unknown risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected or implied during the call. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. Please review our filings with the SEC, including our final prospectus and the section entitled Risk Factors therein, filed with the SEC on May 12th, 2021, for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on information available as of today's date. We disclaim any obligation to update any forward-looking statements except as required by law. As a reminder, certain financial measures we use in this presentation and on our call today are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation between these GAAP and non-GAAP financial measures is included at the conclusion of our earnings press release, which can be found on our investor relations website at ir.similarweb.com. With that, I will turn the call over to Or Offer, CEO of Similarweb. Thank you, Annie, and thank you all for joining us here today for our Q2 earnings call, which is also our first as a public company. It is a real privilege to be here with all of you on the call today. Our recent IPO was exciting milestone for our employees, customers, investors, and partners. I want to thank them for their confidence in us over the years. I also like to welcome our new investors to the Similarweb family. During today's call, Jason, our CFO, and I will provide details of our Q2 results as well as provide Q3 and full year guidance for 2021. I will start today by covering highlights of our financial performance. Q2 2021 was a record quarter for us. I'm pleased to report that our revenue increased 49% year-over-year to $32.5 million. We are also very happy that we were able to accelerate our growth versus Q2 2020, continuing our trend of accelerating growth. We also took advantage of a strong demand for our solution as companies across the globe focus on digital transformation. In Q2, we also improved our gross margin by more than 250 basis points year-over-year to 78.5%, highlighting the scalability of our platform. Our free cash flow was - $3.3 million, reflecting the strong fundamentals of our business even as we expanded our operations. I want to expand further on those results and also touch on a few key trends that we see as existing for our business. First, since many of you are new to Similarweb, I wanted to spend a few minutes talking about our business and market opportunity and how we believe our offering are disrupting a traditional markets and helping businesses compete and win in the digital world. Similarweb was born out of my own personal pain. I was trying to do some market research for my offline business many years ago, but no matter what I searched for, I couldn't find anyone with the insight I needed. I saw a market opportunity, and 14 years later, Similarweb is a leader in market intelligence for the digital world. Today, our customers are some of the largest and best brands, leaders like Walmart, Google, Publicis, Merck, DHL, and CNN, and many more. A lot has changed since we wrote our first lines of code. Digital has become a preferred way to communicate, transact, and deliver products and services. It is an important growth driver and strategic focus for most businesses today. At the same time, it's made every market much, much more competitive. In this environment, businesses have no visibility into the online activity of their customer, prospects, partners, and competition. In reality, they are flying blind. Similarweb cuts through the lack of visibility, delivering a comprehensive view of the digital world to our customers, providing them with market data and insights to help them win in the digital world. The data, and more importantly, the actionable insights that we provide, empowers our customer to be more competitive in the market. We call this digital intelligence. Digital intelligence is embedded in critical businesses process and give organizations the means to understand and gain insight from all relevant digital activity. It creates a powerful competitive advantage. It empowers companies to make better business decisions, increase their confidence, and help them win their market. Sometimes it can mean the difference between business success and failure. To paint a picture of how digital intelligence can make this kind of impact, I want to share a conversation we recently had with one of our customers, the head of digital marketing at Staysure, one of the top travel insurance companies in the U.K. When COVID hit, their entire business was at risk of failure. Similarweb helped them to adapt to the new reality. With Similarweb, they were able to quickly identify which market recovered the fastest from initial lockdown and focus on those opportunities. They also used Similarweb to identify new market segments. For example, younger travelers looking to insure against COVID-19 risk. They were able to create new products designed for these emerging segments and use Similarweb insight to build a strategy to reach the new audience. According to the company, and I quote, "Similarweb kept us in business. When times are challenging, it's all about understanding what the competition is doing, where we fit in the market, and what's going on in the market overall." It's notable that in Q2, we completed an upsell deal with Staysure, increasing their ARR value of their contract by over 30%. This example isn't unique. Now more than ever, companies need visibility into what's happening in their digital ecosystem if they want to survive and win. Digital transformation is accelerating, all that investment cannot be optimized without comprehensive, accurate, and timely market data that integrate into the corporate workflows. This makes digital intelligence a mission critical. We believe this massive opportunity. We estimate that our total addressable market today is over $34 billion. Delivering this kind of impactful digital intelligence isn't an easy task to do. It is extremely difficult to gather massive quantities of digital signals across the internet, each signal providing only small perspective of what's going on the digital world, and it's even harder to use those signals to build the models that are designed to measure and predict how the digital world behaves. This is what we do. Just think, every day, we need to estimate traffic for tens of millions of websites and apps in over 190 countries and in over 200 industries. We need to do it really well because we know that leading companies and investors around the world will make critical business decisions based on the insights we provide in our platform. We have been working on solving this problem and creating this technology for over 10 years. Over time, we invest significant resource and funds in our data assets and acquisition and building a very strong competitive moat around our technology. To achieve that, we've built a unique R&D organization that operates an innovative, fast-paced culture. Every month, this team deliver hundreds of innovative data and feature enhancements that improve our customer retention and increase average customer spend. We have continued to expand this team, which now includes nearly 250 top-notch developers, PhDs, data scientists, and big data engineers, and we're very proud of their work. We also build a very efficient sales and marketing organization to approach and attack this very large market opportunity. This start by attracting and engaging prospects with our widely used free tools. On our website and through a popular browser extension, we provide free access to a broad range of basic capabilities, as well as opportunity to explore our paid offering. The cost-effective leads from this freemium inbound motion are efficiently converted to pipeline opportunities for our sales team to pursue. We complement this with an outbound sales motion focused on developing new opportunities with larger target accounts. After successfully landing a new customer, we also have a team of client success analysts who help our customer realize more value from our platform, resulting in more strategic relationship and expanding revenues. This land and expand motion is working very successfully for us. I want to turn now and discuss our Q2 performance. I would like to mention a couple of highlights and how they illustrate several of our business strategies, specifically around the land and expand sales motion, creating new channels of indirect growth, and the introduction of new products and datasets. Let's start with our land and expand. Over the last 12 months, we accelerated new logo acquisition, landing over 600 new customers and crossing the 3,000 customer logo threshold in Q2. We are building on this strong new logo acquisition by refining our motion around customer retention and growth. As an example of this, in Q2, we completed one of our largest deals in Similarweb history with a major e-commerce company. This customer began a journey with us in 2016, starting with one use case and around $50,000 in annual ARR. Today, they use Similarweb across 25 teams globally with around 1,500 users, representing over $3.5 million in ARR. Our Q2 upsell was a seven-figure ARR upsell with a multiyear commitment, included the addition of hundreds of new users, as well as an upsell of premium product feature and extended datasets. It's also highlighting our land and expand motion in operation, where we started small, and over time, we're able to expand to additional user use case, department, and geographies within the customer. This land and expand motion is driving significant growth among our largest and most strategic customer segment. Those companies where we are generating more than $100,000 in ARR. We grew the number of those accounts by 52% year-over-year. Nearly 60% of this growth came from existing customer where our ARR expanded to more than $100,000. Overall, our ability to retain customer and expand ARR is reflected in the highest level of NRR that we have ever recorded. NRR strongly improved from 101% in the end of 2020 to 106% at the end of Q2. In that critical customer segment of accounts with over $100,000 in ARR, we improved NRR to 118%, up from 113% at the close of 2020. Beyond our direct sales motion, we continue to develop indirect sources of demand. First, we recently announced the availability of Similarweb digital insights on the AWS Data Exchange. With the AWS Data Exchange, companies ranging from CPGs to hedge funds can enrich their big data analysis with digital market intelligence, including website traffic, keywords, and retail transaction. While this did not have a material contribution to Q2 results, I believe that this partnership will broaden our customer reach and further help customer integrate Similarweb into their workflow. In Q2, we also introduced an affiliate marketing program and a partner referral program, launching two new indirect channels for lead and opportunity creation. Also, in Q2, we launched a new solution, our Shopper Intelligence, which is targeted at the rapidly growing e-commerce segment. Shopper Intelligence analyze consumer shopping behavior across desktop and mobile and provide a comprehensive solution for understanding the digital customer journey and what consumers are buying online. Our goal is that Shopper Intelligence would analyze and deliver insights about digital consumer behavior across both e-commerce marketplaces and first-party shopping websites. We are off to a strong start with this new solution. We have already closed new businesses in a diverse set of industries, not just in primary CPG audience, but also in retail, pharma, technology, and private equity. I am looking forward to giving you more details on those wins in the future. We believe that Shopper Intelligence is innovative product with feature that are unique in the market. I'm super excited about it, and I think we have a huge opportunity in front of us with this new offering. In Q2, we also made significant addition to the scope of data and insight available through Similarweb platform. We completed the acquisition of the assets of SimilarTech, which we believe is one of the best provider of technographic data in the market. The acquisition enable us to more completely integrate SimilarTech data into our solution and the opportunity to leverage their data to build some exciting new feature as well. Separately, we recently announced a significant advancement in our capabilities in our Keyword Generator, which enable sales professional to find and explore keywords relevant to expanding their business. The Keyword Generator now includes support for YouTube, the world's second-largest search engine, as well as Amazon, where 60% of the product searches currently originate. Those enhancements expand our coverage by over 800 million keywords, extending our breadth of coverage and keyword volume accuracy. Beyond these efforts, we continue to invest in our organizational growth and development. We continued to scale our organization to support our strong growth. Employee headcount in Q2 grow nearly 60% year-over-year. We continue our international expansion, opening up a new direct sales presence and office in Germany. Recently, we also announced a new office in Reston, Virginia, where we will focus on hiring sales and marketing roles and where we expect we will be able to tap into strong local talent in the areas of digital measurement and market research. I'm very excited to announce that last week we closed on a new headquarters facility in the Tel Aviv area. This new building will accommodate our rapid growth, and we will be able to fully design the space to meet our needs for our growing team. Our new Similarweb headquarters is located in the center of the Tel Aviv metropolitan, and I expect that when completed, it will be significant attraction that will enable us to continue to recruit top talent here in Israel. As we said during the IPO, we will leverage our momentum and continue to pursue both organic and inorganic growth strategies. We will invest in our sales and marketing efforts to accelerate customer acquisition because of the high ROI we get on those investments and the big market opportunity we see. We will take advantage of our strong financial position to opportunistically target and acquire companies in order to improve and expand our data use case and addressable market. We are operating in a fragmented market, and we believe we have the opportunity to be the consolidator. Wrapping up, I'm very proud of the company we have built. We have followed our 2020 performance with a strong and accelerating growth in the first half of 2021. We have outstanding leadership, and our team is smart, bold, fast, talented, and experienced. We have a strong balance sheet. Our solutions are market leading and providing timely and comprehensive data and insight that we believe our customers cannot get anywhere else. Every day, thousands of businesses rely on Similarweb solutions to make mission-critical decisions. We believe we are recognized as the standard of the measure of the digital world. Our insights are frequently referenced publicly by CEO, major publications, and respected research firms. Our platform has become a required experience for job opportunities and a notable skill that users highlight on LinkedIn. We are confident in our growth strategy, and we have a track record of strong operational execution. It's still early in our journey, and we believe we are in a great position to capitalize and capture an increased share of a very large market. As I like to say, we are just getting started. With that, I would like to turn the call over to Jason Schwartz, our CFO. Jason. Thank you, Or. I'm going to start with an overview of our financial model. Then I will review our financial results for the quarter and wrap up with our guidance for Q3 and full year 2021. Our financial model is built on the delivery of strong and predictable revenue growth, substantially all of which is generated from SaaS subscriptions. We deliver a high net dollar-based retention rate, or NRR, and also maintain high gross margins and unit economics that drive cash efficiency. In Q2, we delivered record revenue of $32.5 million, reflecting 48.5% year-over-year growth. We increased our total number of customers to 3,068, up 24% from 2,479 in Q2 last year. This includes, as Or mentioned, a strong increase in our $100,000 or more ARR customers, which grew by 52% from 145 in Q2 2020 to 220 in Q2 2021. Most of these customers began initially as small customers and have expanded through our successful land and expand motion. Today, these customers comprise 49% of our overall recurring revenue base. Our revenue and customer base is highly diversified, and no single customer amounts to more than 5% of revenue. In discussing the remainder of the income statement, please note that unless otherwise stated, all references to our expenses and operating results are on a non-GAAP basis and are reconciled to the GAAP results in the earnings press release that was issued just before this call. Our gross profit totaled $25.6 million in the quarter, representing a gross margin of 78.6% versus 76% in Q2 2020. This margin improvement reflects the significant operating leverage we've been able to realize in our fixed SaaS infrastructure and data costs. Operating expenses grew to $36.3 million in Q2, up from $19.1 million in Q2 2020, largely reflecting the investment in personnel across the business, from product and R&D, sales and marketing, and our G&A team to support our business growth. We'll continue to invest in personnel and initiatives that help us capture more market share. The specific components of our operating expenses were research and development, $8.3 million versus $4.7 million in Q2 2020. This excludes $696,000 of retention payments relating to the acquisition of SimilarTech during the quarter. We anticipate an additional $350,000 in Q3. Sales and marketing, $21.4 million versus $11.8 million in Q2 2020. General and administrative, $6.6 million versus $2.6 million in Q2 2020. This excludes $1.2 million of non-recurring expenses related to our initial public offering. As a result, our non-GAAP operating loss in the quarter totaled $10.8 million, increasing from $2.5 million in Q2 2020. Free cash flow for the quarter was - $3.3 million compared to $1.5 million in Q2 2020. In May, we successfully completed our initial public offering of our ordinary shares, raising net proceeds of $150.7 million after deducting underwriting fees and commissions and related offering costs. During the quarter, we also repaid all outstanding amounts under our credit facility, such that as of the end of the quarter, we have no outstanding debt. As a result, we have a strong cash position that totaled $177 million of unrestricted cash balances as of June 30, 2021. We have additional capacity available to us under our $75 million credit facility with Silicon Valley Bank. As such, we believe that we have sufficient liquidity to successfully execute our business growth plans. As Or mentioned, last week, we signed an office lease agreement for our new Israel headquarters. We anticipate investing $8 million-$10 million in leasehold improvements over the next four quarters in advance of our anticipated move-in date in Q2 2022, which will be amortized over the 10-year term of the lease. We are introducing guidance for both Q3 and the full year 2021. For Q3 2021, revenue is expected to be in the range of $32.8 million-$33.2 million. Non-GAAP operating loss is expected to be in the range of $14.5 million-$14.9 million. Full year 2021 revenue is expected to be in the range of $129 million-$130 million. Non-GAAP operating loss for full year 2021 is expected to be in the range of $49 million-$50 million. I'll now hand the call back over to Or for his closing remarks. Thank you, Jason. I would like to close by thanking my leadership team and our employees around the world for working hard to deliver a very successful first half of the year. Our IPO was a milestone for us as we continue to grow, and I'm pleased to welcome our many new investors to the Similarweb family. With that, operator, please open the call up for questions. Thank you. Thank you. At this time, we'll now be conducting a question-and-answer session. If you would like to ask a question today please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you like to remove your line from the question queue. Participants using speaker equipment it may be necessary to pick up your handset before pressing the star key. One moment please we poll for questions. Thank you. Our first question is from the line of Sterling Auty with JP Morgan. Please proceed with your question. Yeah, thanks. Hi, guys. Wanted to start with a question around the AWS marketplace partnership and deal. Can you help us understand, does this just make it easier for customers to access the data and monetize? Does it just change where they're getting the data from, or does it actually add incremental reach to new customers that perhaps you weren't getting to before? Hi, Sterling. It's Or. I will try to answer this question. I think the quick answer is yes to all of the above. It will increase us the way to approach to many more customers than before that operate on the AWS platform and buying data on the AWS Data Exchange. We do expect to get more customers. It will give an easy way for them not only to access the data, but another layer of server to server, they don't need to get the API key. It's more easy to get and access our data and also charge for, and also trying the data because the data is already there. If they have AWS account, it's much more easy for them to buy, use, try it, and also charge because they already connect to the Amazon invoice system. Also, Amazon is putting a lot of incentives for their customers, and they give them free credits to try many data sets on the data marketplace. We also going to leverage this momentum of Amazon themselves, pushing their customers to try and buy data assets there. Great. One follow-up. With the improvement in the net dollar retention, you talk about the number of different ways that you can expand more users, more data, more geographies. Which one of those really stood out the most in the quarter in terms of driving that net dollar retention? I don't have the exact answer, but I tell you what I feel that is driving really great expansion. One is the cross-selling of our offering, and I talked a little bit about our Shopper Intelligence. We saw great success there of people buying one more solution for us. I think buying more solution is a great driver, but I also saw great deals of people buying more users or other add-ons or integrating API. I think it's all across. My feeling that what is strong now is, this quarter was the most solution we're able to sell and introduce to our customers. Great. Thanks, guys, and welcome to the public markets. Thank you, Sterling. The next question is from the line of Drew Foster with Citigroup. Please proceed with your question. Hey, guys. Thanks for taking the question. Jason, for the past six quarters or so, your top line has been growing directionally in line with your sales and marketing spend. This quarter, it was up another 30 points sequentially relative to Q1. You're clearly accelerating that. To the extent that sales and marketing is a leading indicator for your top line, at a high level, how should we think about the pace and magnitude of investments within that envelope over the next six quarters? If you could just remind us of the breakdown of how much of that incremental spend there is marketing and advertising, where you might get a quicker return on those dollars, and how much is related to adding incremental salespeople and sales infrastructure, where the return on those investments is a bit more protracted? Hey, Drew. Thanks for the question. What we see right now is a huge TAM and opportunity ahead of us. As a result of that, we're continuing to invest to capture a larger share of that market that we see. We have accelerated hiring. I think you may have seen that in the press release, that headcount has grown across the business. Our approach is really to invest in a responsible way, balancing that growth and efficiency. That's what we're going to continue to do, and we do think that that's an indication of further growth down the road. As far as the split, we don't break down the split between marketing dollars versus headcount dollars. What we do say is about 60% of our marketing and sales spend goes to new customer acquisition, and about 40% of it is spent on customer retention and expansion. It's really helpful, thanks. You had strong gross margin improvement. I think you even called it out at the top of your press release. Could you just maybe unpack what's driving that and where you think you could drive those two over time? Thanks, guys. Sure. A lot of our cost of sales is comprised of fixed costs in the infrastructure, the typical kinds of stuff that you have. We have hosting and support. We actually host at AWS, as well as all of the investment that we make, both internal costs and external costs, in our data assets. Which is really a fixed cost for us because it's the same amount of data that we need, whether we're running or providing service to 50, 500 or 5,000 customers. There's a natural leverage that we get on those fixed costs, and that's the improvement that you've seen not only in this quarter, but over the trend over time, over the last two, three years. We think that we're comfortable with the guidance that we've given, staying in the same levels for the near term, and then potentially going forward, as we think about the guidance going forward, we'll of course update you. Thanks a lot. Thank you. The next question is from the line of Bhavan Suri with William Blair. Please proceed with your questions. Hey, guys. Congrats and a very warm welcome to being a public company. Nice job. I guess I just wanted to touch quickly first on the new customer strength. I would love to sort of understand what's driving the momentum there. You've obviously increased sales and marketing. You've got partners. I guess as you look at that, are these customers sort of replacing another vendor, or is this digital intelligence programs for the first time? It's a good question. I think that the majority of the deals that we are at, it's basically it's only us. We are not replacing. It's mostly a greenfield opportunity. Got you. Then you relaunched the platform in 2019 with sort of these five key use cases. Have you seen any change in how customers are adopting solutions? Are they changing where they start? Are they building different sort of data strategies once they've implemented a couple solutions? How should we think about that progress of the customer and sort of their strategy from when they adopt to when they change? Thank you. It's a good question. I do see that the more we develop our offering and bringing new solution into the market, we kind of unlocked new strategies for our customers once we kind of introduced our solution better. I saw it also in our CPG customers now that we introduce shopper solution to them, and they're getting this all new data, then they understand they can drive new strategy. One example, also on our investors vertical, when we come with a more sharp offering, then it's kind of giving them a whole new perspective about how to think and develop strategy around data and insights, like market data and insights going forward. I do see that. I do see that it will come, and a lot of the things we present are new and innovative, even to the customers, and they understand the power that digital intelligence have and how they can use it to drive more strategic decision across the business. Got you. Thanks for the color and nice job, guys. Thanks for taking my questions. Thank you. Thanks so much. Our next question comes from the line of Brent Thill with Jefferies. Please proceed with your questions. Hi. Thank you. This is John, down for Brent Thill. I had two questions. One, of the five major solutions you have, any particular strength to highlight among the five? Maybe you could shed some light also on the relative contribution. Second, this is probably for Jason. Just wanted to see if any comments on the linearity during the quarter, the trends by month, any particular variations to note, including quarter to date. Thanks very much. I will start answering the solution, then Jason can talk about the trend. All of the solutions are growing very nicely, and we're very happy with the overall growth. We saw a great success with the new two offerings for investors and the shoppers for CPGs are accelerating nicely. I think still the majority of our business is for our core solution that we start for our research solution and our marketing solution that historically a lot of our customers used to buy together. All of them are growing very nicely, and we're putting a lot of efforts to develop them and improve their offering. Jason, you want to answer the trend? Yeah, sure. Within the quarter, there's some variability from quarter to quarter. In general, because we run on an ARR model, we've got good visibility and predictability into the revenue trends as we start the quarter. Great. Maybe just a little bit on that. Was there anything that you noticed in terms of customer activity as opposed to revenue trend, ups and down variation? That would be it for me. Thank you. Yeah, not material. I think we see a lot of customer activity and a lot of customer demand throughout the quarter, and we're pleased with that continued motion. Thanks again. The next question is from the line of Raimo Lenschow with Barclays. Please proceed with your question. Hi. This is Sheldon on for Raimo. Congrats on the IPO, and thanks for taking my question. Interested in the enhancements to the Keyword Generator tool. Can you help me understand how differentiated the new capabilities are compared to competitor solutions and the existing Google Workspace capabilities? Additionally, on the YouTube SEO, it seems like we're still in the early innings there. Can you provide any color on the opportunity? Thank you. Thank you for the question. I will answer that. I think that this new enhancement that we give to our Keyword Generator will show that we can bring very unique data assets, like no other competitor in the market, with our unique approach to provide insights. We know that today search is evolving, YouTube is already the second biggest search engine out there, Amazon is the biggest search engine for e-commerce, for shopping activity. We recognize that our customers want to also understand the trend there and to develop their own search strategies. We realized that we can be innovative and give very high quality results around our Keyword Generator. We're very happy with the data and the accuracy we put there. Really big coverage with almost 800 million keywords for you to check there. I do think these motions will bring a lot of new ideas and a lot of new strategies to our customers to go after and acquire more traffic. Great. Thank you. Our next question is from the line of Jason Helfstein with Oppenheimer. Please proceed with your question. Hey, guys. This is Patrick Joseph on for Jason. Thanks for taking our questions. Congrats on a strong start out of the gate. I just wanted to dive a little bit deeper into the record consolidated NRR metrics. Specifically, were there deals that leaked into the second quarter that couldn't be closed during the pandemic, or is it just broadly a shift in client behavior, which is just driving more spend at Similarweb? I know that you guys aren't guiding to NRR metrics. Should we expect NRR greater of 105% going forward on a consolidated basis? Thanks. I will try to answer it from my side, and Jason can add his opinion. Our NRR growth over the past many quarters is a lot of hard work we did historically, and now we start to collecting the fruits. A lot of improvement in our data, in our platform, in our sales approach, in pricing and packaging, our relationship build with our customer, introducing of new offering and adding more ROI and value to our customers. This is why we think a great result of NRR keep growing for the many quarters. This is why they also spend more money with us. Jason, you want to answer maybe from your side? I think, Or Offer, I agree with you on that. This is the result of a lot of hard work and across all customer segments, that we saw strengthening both on retention and upsell, which is what's driving that NRR metric. Okay, great. Thanks. Just a follow-up question related to the app measurement product. Could you give us an update on the development of the app measurement product and whether there have been any delays given the iOS update? Thanks. N or app? Sorry, the app measurement product. Okay, sorry. With this deal, we decided to double down on our app offering and provide more market insight around the app ecosystem. There's a lot of great development there. They're going to introduce a lot of development to the Android data in the coming months, and hopefully also introduce a lot of improvement to the iOS data by the end of the year. A lot of great improvement coming in the next few quarters around this area. We are doubling down and putting more effort to scale and reach our app offering. Okay, great. Thanks for the question. Thank you. Your final question comes from Pat Walravens with JMP Group. Please proceed with your questions. Oh, great. Thank you. Congratulations, you guys. My first one is, if you look at this, it's a great win expansion with the e-commerce company, the $3.5 million in ARR. My first question is, how much more room is there at a company like that? At $3.5 million, are you done, or can it keep getting bigger? Oh, this is a great question because I just had a great talk with my team. I told them that the target that this customer will be our first $10 million customer. This is what I hope and think. There is much room to grow, though. Okay, great. That's what I was hoping. How many other ones are there where, and Jason, I don't know if you'd disclose this, but have you told us how many you have that are north of $1 million in ARR? If not that, just what does the pipeline look like for other customers that can be north of a million in ARR? We are not reporting. I will start, but to answer that then Jason can keep. We are not reporting right now how much seven-figure customers we have. We do see a strategy to increase this sector of customers. As I talked and presented in the roadshow, we have big part of the Fortune 500 already as our customer, and I think most of them need to pay us seven figures down the road, and hopefully we will get there. Jason, you want to add on that? As Or said, today our focus and the numbers that we talk about are that strategic customer group that are customers who spend more than $100,000 with us. We saw that 52% growth year-over-year, this quarter in that cohort of customers. Today, that makes up about 49% of our ARR. We see over time that the same motion where we're seeing customers starting as smaller customers and growing into and expanding from in a single solution or as Or talked about, the multi-solution, getting up to multi-$100,000 and driving that lifetime value. We think over time, we can get a number of customers to be those seven-digit accounts. Great. Last one for me. Obviously, you're not guiding to the out years, just Jason, how should we think about sort of what you aspire to in terms of longer term revenue growth? What's the plan that you're building internally in terms of your hiring and your quotas and the products you're going to bring to market and putting all that together? How fast do you think that this company is growing over the longer term? It's a great question, Pat. Like we said, we see a huge TAM ahead of us. We've also looked at the performance and how we've shown that we know how to both grow and do it in a responsible and efficient way. To the extent that we can continue to do that, we will continue to invest smartly to balance that growth and efficiency. We really look forward to leaning in and capturing a larger share of that market that we see. Okay. That's it for me. Thank you. Thank you. At this time, we've reached the end of the question-and-answer session. I'll now turn the call over to management for closing remarks. Thank you, everyone. I'm really excited to be here and answering your question. It's our first earnings call out of many to come. We hope to continue deliver and make our investor happy. Thank you. Let's hope for amazing year. Thank you for your question. Bye. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.