NEW
YORK, Aug. 8, 2023 /PRNewswire/
-- Squarespace, Inc. (NYSE: SQSP), the design-driven platform
helping entrepreneurs build brands and businesses online, today
announced results for the second quarter ended June 30, 2023.
"We are thrilled to report another strong quarter with revenue
growth accelerating to 16% year over year as entrepreneurs continue
to trust Squarespace to power their businesses," said Anthony Casalena, Founder & CEO of
Squarespace. "We brought new technology to our customers, continued
to prioritize key product improvements, and leveraged our brand
momentum internationally, attracting new customers and deepening
our connection with millions."
"Strong customer retention and new customer demand drove the
outperformance in Q2 with both revenue and free cash flow exceeding
our expectations," said Nathan
Gooden, CFO of Squarespace. "Our underlying business drivers
generated robust growth and we continue to deliver operational
excellence and efficiency. We are increasing our topline and
unlevered free cash flow outlook for the second half of 2023 as a
testament to the strength of our core business."
Second Quarter 2023 Financial Highlights
- Total revenue grew 16% year over year to $247.5 million in the second quarter (as reported
and in constant currency), compared with $212.7 million in second quarter 2022.
-
- Presence revenue grew 17% year over year to $172.1 million.
- Commerce revenue grew 14% year over year to $75.5 million.
- Net income decreased to $3.7
million, compared with a net income of $64.5 million in the second quarter 2022, due to
a reversion to the effective annual tax rate method during Q2
2023.
- Earnings per share of $0.03 based
on 135,302,409 basic and 138,771,613 dilutive weighted average
shares in the second quarter, compared with earnings per share of
$0.46 based on 140,082,038 basic
weighted average shares and $0.45
based on 142,133,303 dilutive weighted average shares in the second
quarter 2022.
- Total bookings grew 16% year over year to $256.1 million in the second quarter, compared to
$219.9 million in the second quarter
2022.
- Cash flow from operating activities increased 44% to
$52.5 million for the trailing three
months, compared with $36.4 million
for the trailing three months ended June 30,
2022, primarily due to continued strength in bookings.
- Unlevered free cash flow increased 51% to $54.8 million representing 22% of total revenue
for the trailing three months, compared with $36.4 million for the trailing three months ended
June 30, 2022.
- Adjusted EBITDA increased to $73.4
million in the second quarter, compared with $43.6 million in the second quarter 2022.
- Cash and cash equivalents of $274.0
million; total debt of $494.0
million, of which $40.8
million is current, debt net of cash and investments totaled
$220.0 million.
- Total unique subscriptions increased 3% year over year to over
4.3 million in 2023, compared to 4.2 million in 2022.
- Average revenue per unique subscription ("ARPUS") increased 7%
year over year to $219.42 in 2023,
compared to $204.17 in 2022.
- Annual run rate revenue ("ARRR") increased 17% year over year
to $980.8 million in 2023, compared
to $837.8 million in 2022.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the tables included in this press release. An
explanation of these measures is also included below under the
heading "Non-GAAP Financial Measures."
Outlook & Guidance
For the third quarter of fiscal year 2023, Squarespace currently
expects:
- Revenue of $250 million to
$253 million, or year-over-year
growth of 15% to 16%.
- Non-GAAP unlevered free cash flow of $47
million to $51 million. This
is the result of:
-
- Cash flow from operating activities of $43 million to $47
million, minus
- Capital expenditures, expected to be approximately $2 million; plus
- Cash paid for interest expense net of associated tax benefit,
expected to be approximately $6
million.
For the full fiscal year 2023, Squarespace currently
expects:
- Revenue of $987 million to
$995 million, or year-over-year
growth of 14% to 15%.
- Non-GAAP unlevered free cash flow of $217 million to $225
million. This is the result of:
-
- Cash flow from operating activities of $205 million to $211
million, minus
- Capital expenditures, expected in the range of $10 million to $12
million; plus
- Cash paid for interest expense net of associated tax benefit,
expected in the range of $24 million
to $25 million.
Our guidance does not assume any impact from our proposed
acquisition of Google Domains assets.
Webcast Conference Call & Shareholder Letter
Information
Squarespace will host a conference call on August 8, 2023
at 8:30 a.m. ET to discuss its
financial results. A live webcast of the event will be available in
the Events & Presentations section of the Squarespace Investor
Relations website. An archived replay of the webcast will be
available following the conclusion of the call. Additionally, we
invite you to read our shareholder letter available on our Investor
Relations website.
Non-GAAP Financial Measures
Revenue growth in constant currency is being provided to
increase transparency and align our disclosures with companies in
our industry that receive material revenues from international
sources. Revenue constant currency has been adjusted to exclude the
effect of year-over-year changes in foreign currency exchange rate
fluctuations. We believe providing this information better enables
investors to understand our operating performance irrespective of
currency fluctuations.
We calculate constant currency information by translating
current period results from entities with foreign functional
currencies using the comparable foreign currency exchange rates
from the prior fiscal year. To calculate the effect of foreign
currency translation, we apply the same weighted monthly average
exchange rate as the comparative period. Our definition of constant
currency may differ from other companies reporting similarly named
measures, and these constant currency performance measures should
be viewed in addition to, and not as a substitute for, our
operating performance measures calculated in accordance with
GAAP.
Adjusted EBITDA is a supplemental performance measure that our
management uses to assess our operating performance. We calculate
adjusted EBITDA as net income/(loss) excluding interest expense,
other income/(loss), net (provision for)/benefit from income taxes,
depreciation and amortization, stock-based compensation expense and
other items that we do not consider indicative of our ongoing
operating performance.
Unlevered free cash flow is a supplemental liquidity measure
that Squarespace's management uses to evaluate its core operating
business and its ability to meet its current and future financing
and investing needs. Unlevered free cash flow is defined as cash
flow from operating activities, including one-time expenses related
to Squarespace's direct listing, less cash paid for capital
expenditures increased by cash paid for interest expense net of the
associated tax benefit.
Adjusted EBITDA, unlevered free cash flow and revenue constant
currency are not prepared in accordance with generally accepted
accounting principles in the United
States of America ("GAAP") and have important limitations as
an analytical tool. Non-GAAP financial measures are supplemental,
should only be used in conjunction with results presented in
accordance with GAAP and should not be considered in isolation or
as a substitute for such GAAP results.
Further information on these non-GAAP items and reconciliation
to their closest GAAP measure is provided below under,
"Reconciliation of Non-GAAP Financial Measures."
Definitions of Key Operating Metrics
Annual run rate revenue ("ARRR"). We calculate ARRR as the
monthly revenue from subscription fees and revenue generated in
conjunction with associated fees (fees taken or assessed in
conjunction with commerce transactions) in the last month of the
period multiplied by 12. We believe that ARRR is a key indicator of
our future revenue potential. However, ARRR should be viewed
independently of revenue, and does not represent our GAAP revenue
on an annualized basis, as it is an operating metric that can be
impacted by subscription start and end dates and renewal rates.
ARRR is not intended to be a replacement or forecast of
revenue.
Unique subscriptions represent the number of unique sites,
standalone scheduling subscriptions, Unfold (social) and
hospitality subscriptions, as of the end of a period. A unique site
represents a single subscription and/or group of related
subscriptions, including a website subscription and/or a domain
subscription, and other subscriptions related to a single website
or domain. Every unique site contains at least one domain
subscription or one website subscription. For instance, an active
website subscription, a custom domain subscription and a Google
Workspace subscription that represent services for a single website
would count as one unique site, as all of these subscriptions work
together and are in service of a single entity's online presence.
Unique subscriptions do not account for one-time purchases in
Unfold or for hospitality services. The total number of unique
subscriptions is a key indicator of the scale of our business and
is a critical factor in our ability to increase our revenue
base.
Average revenue per unique subscription ("ARPUS"). We calculate
ARPUS as the total revenue during the preceding 12-month period
divided by the average of the number of total unique subscriptions
at the beginning and end of the period. We believe ARPUS is a
useful metric in evaluating our ability to sell higher-value plans
and add-on subscriptions.
Total bookings represents cash receipts for all subscriptions
purchased, as well as payments due under the terms of contractual
agreements for obligations to be fulfilled.
Gross merchandise value ("GMV") represents the value of physical
goods, content and time sold, including hospitality services, net
of refunds, on our platform over a given period of time.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking statements. These statements include, but are not
limited to, statements regarding Squarespace's future operating
results and financial position, including for its third fiscal
quarter ending September 30, 2023 and
its fiscal year ending December 31,
2023. The words "believe," "may," "will," "estimate,"
"potential," "continue," "anticipate," "intend," "expect," "could,"
"would," "project," "plan," "target," and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements are based on management's expectations, assumptions, and
projections based on information available at the time the
statements were made. These forward-looking statements are subject
to a number of risks, uncertainties, and assumptions, including
risks and uncertainties related to: Squarespace's ability to
attract and retain customers and expand their use of its platform;
Squarespace's ability to anticipate market needs and develop new
solutions to meet those needs; Squarespace's ability to improve and
enhance the functionality, performance, reliability, design,
security and scalability of its existing solutions; Squarespace's
ability to compete successfully in its industry against current and
future competitors; the impact of the COVID-19 pandemic on
Squarespace, its customers and their users; Squarespace's ability
to manage growth and maintain demand for its solutions;
Squarespace's ability to protect and promote its brand;
Squarespace's ability to generate new customers through its
marketing and selling activities; Squarespace's ability to
successfully identify, manage and integrate any existing and
potential acquisitions; Squarespace's ability to hire, integrate
and retain highly skilled personnel; Squarespace's ability to adapt
to and comply with existing and emerging regulatory developments,
technological changes and cybersecurity needs; Squarespace's
compliance with privacy and data protection laws and regulations as
well as contractual privacy and data protection obligations;
Squarespace's ability to establish and maintain intellectual
property rights; Squarespace's ability to manage expansion into
international markets; and the expected timing, amount, and effect
of Squarespace's share repurchases. It is not possible for
Squarespace's management to predict all risks, nor can it assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements Squarespace may make. In light of these risks,
uncertainties, and assumptions, Squarespace's actual results could
differ materially and adversely from those anticipated or implied
in the forward-looking statements. Further information on risks
that could cause actual results to differ materially from
forecasted results are included in Squarespace's filings with the
Securities and Exchange Commission. Except as required by law,
Squarespace assumes no obligation to update these forward-looking
statements, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
About Squarespace
Squarespace (NYSE: SQSP) is a design-driven platform helping
entrepreneurs build brands and businesses online. We empower
millions in more than 200 countries and territories with all the
tools they need to create an online presence, build an audience,
monetize, and scale their business. Our suite of products range
from websites, domains, ecommerce, and marketing tools, as well as
tools for scheduling with Acuity, creating and managing social
media presence with Bio Sites and
Unfold, and hospitality business management via Tock. For more
information, visit www.squarespace.com.
Contacts
Investors
Clare Perry
investors@squarespace.com
Media
Kaitlyn
Rawlett
press@squarespace.com
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except shares and per share
amounts) (unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
247,529
|
|
$
212,702
|
|
$
484,557
|
|
$
420,464
|
Cost of
revenue(1)
|
43,167
|
|
36,993
|
|
86,117
|
|
73,642
|
Gross profit
|
204,362
|
|
175,709
|
|
398,440
|
|
346,822
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and product
development(1)
|
61,412
|
|
58,829
|
|
119,982
|
|
116,157
|
Marketing and
sales(1)
|
75,373
|
|
68,743
|
|
177,045
|
|
181,649
|
General and
administrative(1)
|
30,909
|
|
39,190
|
|
63,249
|
|
75,171
|
Total operating
expenses
|
167,694
|
|
166,762
|
|
360,276
|
|
372,977
|
Operating
income/(loss)
|
36,668
|
|
8,947
|
|
38,164
|
|
(26,155)
|
Interest
expense
|
(8,635)
|
|
(3,319)
|
|
(16,729)
|
|
(5,768)
|
Other income,
net
|
2,038
|
|
6,217
|
|
1,198
|
|
7,728
|
Income/(loss) before
(provision for)/benefit from income
taxes
|
30,071
|
|
11,845
|
|
22,633
|
|
(24,195)
|
(Provision for)/benefit
from income taxes
|
(26,411)
|
|
52,651
|
|
(18,471)
|
|
(4,169)
|
Net
income/(loss)
|
$
3,660
|
|
$
64,496
|
|
$
4,162
|
|
$
(28,364)
|
|
|
|
|
|
|
|
|
Net income/(loss) per
share attributable to Class A, Class B
and Class C common stockholders, basic
|
$
0.03
|
|
$
0.46
|
|
$
0.03
|
|
$
(0.20)
|
Net income/(loss) per
share attributable to Class A, Class B
and Class C common stockholders, dilutive
|
$
0.03
|
|
$
0.45
|
|
$
0.03
|
|
$
(0.20)
|
Weighted-average shares
used in computing net
income/(loss) per share attributable to Class A, Class B and
Class C stockholders, basic
|
135,302,409
|
|
140,082,038
|
|
135,111,072
|
|
139,754,453
|
Weighted-average shares
used in computing net
income/(loss) per share attributable to Class
A, Class B
and Class C stockholders, dilutive
|
138,771,613
|
|
142,133,303
|
|
138,013,454
|
|
139,754,453
|
|
(1) Includes
stock-based compensation as follows:
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenue
|
$
1,549
|
|
$
846
|
|
$
2,601
|
|
$
1,470
|
Research and product
development
|
15,650
|
|
11,508
|
|
26,337
|
|
21,676
|
Marketing and
sales
|
3,045
|
|
2,395
|
|
4,916
|
|
3,994
|
General and
administrative
|
9,235
|
|
12,111
|
|
17,751
|
|
23,817
|
Total stock-based
compensation
|
$
29,479
|
|
$
26,860
|
|
$
51,605
|
|
$
50,957
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except
shares and per share
amounts) (unaudited)
|
|
|
June 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
274,004
|
|
$
197,037
|
Restricted
cash
|
34,272
|
|
35,583
|
Investment in
marketable securities
|
—
|
|
31,757
|
Accounts receivable,
net
|
9,748
|
|
10,748
|
Due from
vendors
|
3,030
|
|
4,442
|
Prepaid expenses and
other current assets
|
51,305
|
|
48,326
|
Total current
assets
|
372,359
|
|
327,893
|
Property and equipment,
net
|
53,874
|
|
51,633
|
Operating lease
right-of-use assets
|
82,247
|
|
86,824
|
Goodwill
|
210,438
|
|
210,438
|
Intangible assets,
net
|
35,118
|
|
42,808
|
Other assets
|
12,376
|
|
10,921
|
Total
assets
|
$
766,412
|
|
$
730,517
|
Liabilities and
Stockholders' Deficit
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
4,782
|
|
$
12,987
|
Accrued
liabilities
|
83,222
|
|
64,360
|
Deferred
revenue
|
308,662
|
|
269,689
|
Funds payable to
customers
|
36,713
|
|
38,845
|
Debt, current
portion
|
40,758
|
|
40,758
|
Operating lease
liabilities, current portion
|
12,104
|
|
11,514
|
Total current
liabilities
|
486,241
|
|
438,153
|
Deferred income taxes,
non-current portion
|
912
|
|
788
|
Debt, non-current
portion
|
453,230
|
|
473,167
|
Operating lease
liabilities, non-current portion
|
104,020
|
|
110,169
|
Other
liabilities
|
13,205
|
|
11,231
|
Total
liabilities
|
1,057,608
|
|
1,033,508
|
Commitments and
contingencies
|
|
|
|
Stockholders'
deficit:
|
|
|
|
Class A common
stock, par value of $0.0001; 1,000,000,000 shares authorized as of
June 30, 2023 and
December 31, 2022, respectively; 87,723,667 and 87,754,534
shares issued and outstanding as of June 30,
2023 and December 31, 2022, respectively
|
8
|
|
8
|
Class B common
stock, par value of $0.0001; 100,000,000 shares authorized as of
June 30, 2023 and
December 31, 2022, respectively; 47,844,755 shares issued and
outstanding as of June 30, 2023 and
December 31, 2022, respectively
|
5
|
|
5
|
Class C common
stock (authorized May 10, 2021), par value of $0.0001;
1,000,000,000 shares authorized
as of June 30, 2023 and December 31, 2022, respectively;
zero shares issued and outstanding as of June 30,
2023 and December 31, 2022, respectively
|
—
|
|
—
|
Additional paid in
capital
|
883,192
|
|
875,737
|
Accumulated other
comprehensive loss
|
(1,487)
|
|
(1,665)
|
Accumulated
deficit
|
(1,172,914)
|
|
(1,177,076)
|
Total stockholders'
deficit
|
(291,196)
|
|
(302,991)
|
Total liabilities and
stockholders' deficit
|
$
766,412
|
|
$
730,517
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
OPERATING
ACTIVITIES:
|
|
|
|
Net
income/(loss)
|
$
4,162
|
|
$
(28,364)
|
Adjustments to
reconcile net income/(loss) to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
14,477
|
|
15,869
|
Stock-based
compensation
|
51,605
|
|
50,957
|
Deferred income
taxes
|
124
|
|
—
|
Non-cash lease
(income)/expense
|
(989)
|
|
638
|
Other
|
310
|
|
502
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable
and due from vendors
|
2,364
|
|
(1,701)
|
Prepaid expenses and
other current assets
|
(1,480)
|
|
(3,021)
|
Accounts payable and
accrued liabilities
|
9,822
|
|
9,260
|
Deferred
revenue
|
38,030
|
|
30,294
|
Funds payable to
customers
|
(2,131)
|
|
9,456
|
Other operating assets
and liabilities
|
408
|
|
(207)
|
Net cash provided by
operating activities
|
116,702
|
|
83,683
|
INVESTING
ACTIVITIES:
|
|
|
|
Proceeds from the sale
and maturities of marketable securities
|
39,664
|
|
15,940
|
Purchases of marketable
securities
|
(7,824)
|
|
(17,016)
|
Purchase of property
and equipment
|
(7,167)
|
|
(5,735)
|
Net cash provided
by/(used in) investing activities
|
24,673
|
|
(6,811)
|
FINANCING
ACTIVITIES:
|
|
|
|
Principal payments on
debt
|
(20,379)
|
|
(6,793)
|
Payments for repurchase
and retirement of Class A common stock
|
(25,321)
|
|
(35,202)
|
Taxes paid related to
net share settlement of equity awards
|
(20,318)
|
|
(15,269)
|
Proceeds from exercise
of stock options
|
134
|
|
2,110
|
Net cash used in
financing activities
|
(65,884)
|
|
(55,154)
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
165
|
|
(600)
|
Net increase in cash,
cash equivalents and restricted cash
|
75,656
|
|
21,118
|
Cash, cash equivalents,
and restricted cash at the beginning of the period
|
232,620
|
|
233,680
|
Cash, cash equivalents,
and restricted cash at the end of the period
|
$
308,276
|
|
$
254,798
|
|
|
|
|
Reconciliation of cash,
cash equivalents, and restricted cash:
|
|
|
|
Cash and cash
equivalents
|
$
274,004
|
|
$
215,092
|
Restricted
cash
|
34,272
|
|
39,706
|
Cash, cash equivalents,
and restricted cash at the end of the period
|
$
308,276
|
|
$
254,798
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW
|
|
|
|
Cash paid during the
year for interest
|
$
16,360
|
|
$
5,247
|
Cash paid during the
year for income taxes
|
$
22,902
|
|
$
5,968
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCE
ACTIVITIES
|
|
|
|
Purchases of property
and equipment included in accounts payable and accrued
liabilities
|
$
196
|
|
$
1,582
|
Non-cash leasehold
improvements
|
$
—
|
|
$
5,679
|
Capitalized stock-based
compensation
|
$
1,638
|
|
$
259
|
RECONCILIATIONS OF
NON-GAAP FINANCIAL MEASURES (In
thousands) (unaudited)
|
|
The following tables
reconcile each non-GAAP financial measure to its most directly
comparable GAAP financial
measure:
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net
income/(loss)
|
$
3,660
|
|
$
64,496
|
|
$
4,162
|
|
$
(28,364)
|
Interest
expense
|
8,635
|
|
3,319
|
|
16,729
|
|
5,768
|
Provision for/(benefit
from) income taxes
|
26,411
|
|
(52,651)
|
|
18,471
|
|
4,169
|
Depreciation and
amortization
|
7,236
|
|
7,811
|
|
14,477
|
|
15,869
|
Stock-based
compensation expense
|
29,479
|
|
26,860
|
|
51,605
|
|
50,957
|
Other income,
net
|
(2,038)
|
|
(6,217)
|
|
(1,198)
|
|
(7,728)
|
Adjusted
EBITDA
|
$
73,383
|
|
$
43,618
|
|
$
104,246
|
|
$
40,671
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
$
52,547
|
|
$
36,413
|
|
$
116,702
|
|
$
83,683
|
Cash paid of capital
expenditures
|
(4,092)
|
|
(2,376)
|
|
(7,167)
|
|
(5,735)
|
Free cash
flow
|
$
48,455
|
|
$
34,037
|
|
$
109,535
|
|
$
77,948
|
Cash paid for
interest, net of the associated tax
benefit
|
6,310
|
|
2,340
|
|
12,326
|
|
3,964
|
Unlevered free cash
flow
|
$
54,765
|
|
$
36,377
|
|
$
121,861
|
|
$
81,912
|
|
June 30,
2023
|
|
December 31,
2022
|
Total debt
outstanding
|
$
493,988
|
|
$
513,925
|
Less: total cash and
cash equivalents and marketable securities
|
274,004
|
|
228,794
|
Total net
debt
|
$
219,984
|
|
$
285,131
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue, as
reported
|
$
247,529
|
|
$
212,702
|
|
$
484,557
|
|
$
420,464
|
Revenue year-over-year
growth rate, as reported
|
16.4 %
|
|
8.5 %
|
|
15.2 %
|
|
11.9 %
|
Effect of foreign
currency translation ($)(1)
|
$
685
|
|
$
(6,605)
|
|
$
(2,118)
|
|
$
(10,792)
|
Effect of foreign
currency translation (%)(1)
|
0.3 %
|
|
(3.4) %
|
|
(0.5) %
|
|
(2.9) %
|
Revenue constant
currency growth rate
|
16.1 %
|
|
11.9 %
|
|
15.7 %
|
|
14.8 %
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Commerce revenue, as
reported
|
$
75,455
|
|
$
66,171
|
|
$
148,092
|
|
$
129,988
|
Revenue year-over-year
growth rate, as reported
|
14.0 %
|
|
12.7 %
|
|
13.9 %
|
|
23.2 %
|
Effect of foreign
currency translation ($)(1)
|
$
119
|
|
$
(1,157)
|
|
$
(369)
|
|
$
(1,880)
|
Effect of foreign
currency translation (%)(1)
|
0.2 %
|
|
(2.0) %
|
|
(0.3) %
|
|
(1.8) %
|
Commerce constant
currency growth rate
|
13.8 %
|
|
14.7 %
|
|
14.2 %
|
|
25.0 %
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Presence revenue, as
reported
|
$
172,074
|
|
$
146,531
|
|
$
336,465
|
|
$
290,476
|
Revenue year-over-year
growth rate, as reported
|
17.4 %
|
|
6.7 %
|
|
15.8 %
|
|
7.5 %
|
Effect of foreign
currency translation ($)(1)
|
$
565
|
|
$
(5,448)
|
|
$
(1,749)
|
|
$
(8,913)
|
Effect of foreign
currency translation (%)(1)
|
0.4 %
|
|
(4.0) %
|
|
(0.6) %
|
|
(3.3) %
|
Presence constant
currency growth rate
|
17.0 %
|
|
10.7 %
|
|
16.4 %
|
|
10.8 %
|
|
(1) To calculate the
effect of foreign currency translation, we apply the same weighted
monthly average exchange rate as the comparative period.
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
87,723,667
|
|
91,246,588
|
Class B common
stock
|
47,844,755
|
|
47,844,755
|
Class C common
stock
|
0
|
|
0
|
Total common stock
outstanding
|
135,568,422
|
|
139,091,343
|
|
Amounts may not sum due
to rounding.
|
KEY PERFORMANCE
INDICATORS AND NON-GAAP FINANCIAL MEASURES (In
thousands) (unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Unique subscriptions
(in thousands)
|
4,305
|
|
4,182
|
|
4,305
|
|
4,182
|
Total bookings (in
thousands)
|
$
256,137
|
|
$
219,912
|
|
$
521,926
|
|
$
448,451
|
ARRR (in
thousands)
|
$
980,837
|
|
$
837,759
|
|
$
980,837
|
|
$
837,759
|
ARPUS
|
$
219.42
|
|
$
204.17
|
|
$
219.42
|
|
$
204.17
|
Adjusted EBITDA (in
thousands)
|
$
73,383
|
|
$
43,618
|
|
$
104,246
|
|
$
40,671
|
Unlevered free cash
flow (in thousands)
|
$
54,765
|
|
$
36,377
|
|
$
121,861
|
|
$
81,912
|
GMV (in
thousands)
|
$
1,525,476
|
|
$
1,517,286
|
|
$
3,059,534
|
|
$
3,091,826
|
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