Semrush Financial and Market Leadership Overview

Target Model - GAAP and Non-GAAP 2019 2020 2Q21 Target Model 76% 76% 77% 80% Gross Margin Operating Expenses: Sales & Marketing 45% 44% 41% 35% Research & Development 15% 14% 13% 15% General & Administrative 24% 23% 23% 10% Operating Income (9%) (5%) 0% 20% Adjusted Operating Income (8%) (4%) 1.2% >20% Note: All metrics are calculated as a percentage of revenue. Adjusted Operating Income excludes stock-based compensation expense. 20 20

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