Semrush Investor Presentation

Target Model - GAAP and Non-GAAP Gross Margin Operating Expenses: Sales & Marketing Research & Development General & Administrative Operating Income Non-GAAP Net Income 2019 76% 45% 15% 24% (9%) (8%) 2020 76% 44% 14% 23% (5%) (4%) 9/30 2021 77% 41% 13% 22% 0.9% 1.7% Target Model 80% 35% 15% 10% 20% >20% Note: All metrics are calculated as a percentage of revenue. Non-GAAP net Income excludes stock-based compensation expense. 20

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