Squarespace Inc (SQSP) 2021 Q3 法說會逐字稿

Good afternoon. Good evening. My name is Felicia. I will be your conference operator today. At this time, I would like to welcome everyone to Squarespace's Third Quarter 2021 Earnings Conference Call. (Operator Instructions)

下午好。晚上好。我的名字是費利西亞。今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Squarespace 的 2021 年第三季度收益電話會議。 （操作員說明）

Thank you. Christopher Chiou, you may now begin your conference call.

謝謝你。 Christopher Chiou，你現在可以開始電話會議了。

Good afternoon, and thank you for joining us for Squarespace's Third Quarter 2021 Earnings Call. My name is Christopher Chiou, and I'm the Head of Investor Relations and Corporate Development at Squarespace. With me today are Anthony Casalena, Founder and CEO; and Marcela Martin, CFO. They will share some prepared remarks and then open up the call for questions.

下午好，感謝您參加 Squarespace 的 2021 年第三季度財報電話會議。我叫 Christopher Chiou，是 Squarespace 的投資者關係和企業發展主管。今天和我在一起的是創始人兼首席執行官Anthony Casalena；和首席財務官 Marcela Martin。他們將分享一些準備好的評論，然後打開提問的電話。

On today's call, we'll be referencing both GAAP and non-GAAP financial results and operating metrics. You can find additional information on how we calculate any of the metrics discussed on this call, including a reconciliation of GAAP to non-GAAP measures in today's press release, which can be found in the Investor Relations section of our website. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務業績和運營指標。您可以在今天的新聞稿中找到有關我們如何計算本次電話會議討論的任何指標的更多信息，包括 GAAP 與非 GAAP 指標的對賬，該新聞稿可在我們網站的投資者關係部分找到。這些措施不應與根據公認會計原則編制的財務信息隔離或替代。

The matters we'll be discussing include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which include, but are not limited to, those related to our future financial results, new product introductions and the company's marketing strategy.

我們將討論的事項包括根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述，其中包括但不限於與我們未來的財務業績、新產品推出和公司的營銷策略。

These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our documents filed with the SEC. Actual results may differ materially from those contained in the forward-looking statements. Please take a look at our filings with the SEC for a discussion of the factors that could cause the results to differ. Any forward-looking statements that we make on this call are based on assumptions as of today, November 8, 2021, and we undertake no obligation to update these statements as a result of new information or future events.

這些前瞻性陳述受我們提交給 SEC 的文件中詳細討論的風險和不確定性的影響。實際結果可能與前瞻性陳述中包含的結果大不相同。請查看我們向 SEC 提交的文件，以討論可能導致結果不同的因素。我們在本次電話會議上做出的任何前瞻性陳述均基於截至 2021 年 11 月 8 日的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

I'll now turn the call over to Anthony.

我現在把電話轉給安東尼。

Thank you, Christopher. Good afternoon, everyone. Welcome. My name is Anthony Casalena, Founder and CEO of Squarespace. Thank you for joining us today as we report another strong quarter of growth and profitability.

謝謝你，克里斯托弗。大家下午好。歡迎。我叫 Anthony Casalena，Squarespace 的創始人兼首席執行官。感謝您今天加入我們，因為我們報告了另一個強勁的季度增長和盈利能力。

At Squarespace, we exist to help people with creative ideas stand out and succeed. And as more people choose to turn their passion to the ventures, we strive to be the best company to support them as they differentiate themselves, grow their audience and, most importantly, transact with their customers.

在 Squarespace，我們的存在是為了幫助有創意的人脫穎而出並取得成功。隨著越來越多的人選擇將他們的熱情投入到企業中，我們努力成為支持他們的最佳公司，因為他們使自己與眾不同，擴大受眾，最重要的是，與他們的客戶進行交易。

Our belief in this mission is as strong as ever. During the pandemic, it became increasingly important for businesses to digitize, develop an online presence and engage with their community. The pandemic accelerated existing trends around e-commerce, solidifying the importance of businesses transacting with our customers online beyond just selling goods. We believe these trends will continue to define e-commerce. Squarespace empowers and makes it easier for anyone to make great thing with an impactful and beautiful online presence.

我們對這一使命的信念一如既往地堅定。在大流行期間，企業數字化、發展在線業務和與社區互動變得越來越重要。大流行加速了圍繞電子商務的現有趨勢，鞏固了企業與我們的客戶進行在線交易的重要性，而不僅僅是銷售商品。我們相信這些趨勢將繼續定義電子商務。 Squarespace 使任何人都可以通過具有影響力和美觀的在線形象更輕鬆地做出偉大的事情。

During the quarter, we took significant steps to scale our business and introduced new differentiated product features to meet the evolving needs of our customers as an all-in-one platform. We continue to execute across several growth levers, including deeper penetration of multimodal commerce, commerce is a critical growth driver moving forward as we continue to expand our offerings for consumers; new and renewed marketing campaigns with some of the biggest global brands, which highlight the first selling opportunities available to the Squarespace platform; continued international expansion now to more than 200 countries and territories with 8 languages and growing; as well as a revamped Circle professional referral program.

在本季度，我們採取了重大措施來擴展我們的業務，並推出了新的差異化產品功能，以滿足客戶作為一體化平台不斷變化的需求。我們繼續執行多個增長槓桿，包括更深入地滲透多式聯運商務，隨著我們繼續為消費者擴展我們的產品，商務是向前發展的關鍵增長動力；與一些最大的全球品牌進行新的和更新的營銷活動，突出顯示 Squarespace 平台可用的第一個銷售機會；現在繼續向 200 多個國家和地區擴展國際業務，提供 8 種語言，而且還在不斷增長；以及改進的 Circle 專業推薦計劃。

Before Marcela dives into the financial details, I'd like to highlight a few notable achievements this quarter. First, we surpassed a significant milestone by crossing 4 million unique subscriptions, a testament to our all-in-one platform and Squarespace's ability to continue to attract new customers. Second, our revenue grew 24% year-over-year, an achievement against a strong Q3 in 2020. Also, on a trailing 12-month basis, we achieved $749 million in revenue, of which $210 million was commerce-related revenue. We've done so while maintaining strong gross margins of 84%. Finally, our adjusted EBITDA and unlevered free cash flow this quarter exceeded the high end of our guidance, which gives us the flexibility to invest further in the business.

在 Marcela 深入了解財務細節之前，我想強調一下本季度的一些顯著成就。首先，我們超越了一個重要的里程碑，突破了 400 萬個獨立訂閱，這證明了我們的一體化平台和 Squarespace 繼續吸引新客戶的能力。其次，我們的收入同比增長 24%，與 2020 年第三季度的強勁表現相比。此外，在過去 12 個月的基礎上，我們實現了 7.49 億美元的收入，其中 2.1 億美元是與商業相關的收入。我們這樣做的同時保持了 84% 的強勁毛利率。最後，我們本季度調整後的 EBITDA 和無槓桿自由現金流超過了我們指引的高端，這使我們能夠靈活地進一步投資於該業務。

We believe our combination of scale, growth and profitability places us in an elite class of technology companies with compelling financial profiles. There are over 800 million small businesses and self-employed ventures globally that need our support. We remain confident in the long-term trajectory of the creator economy and our many opportunities for future growth as we continue to scale our business profitably.

我們相信，我們的規模、增長和盈利能力的結合使我們躋身於具有引人注目的財務狀況的科技公司的精英級別。全球有超過 8 億家小型企業和個體經營企業需要我們的支持。隨著我們繼續以盈利方式擴大業務規模，我們對創造者經濟的長期發展軌跡以及未來增長的許多機會充滿信心。

In September, to support our new platform vision of Everything to Sell Anything or what you have all known as our multimodal commerce approach, we have announced a series of new product features and improvements to existing products focused on helping our customers sell online in multiple ways across physical products, digital content, classes, appointments and reservation. With more and more people thinking up creative ways to sell the things they're passionate about, we're focused on providing today's entrepreneurs with everything they need to thrive all-in-one seamless integrated platform.

9 月，為了支持我們的“Everything to Sell Anything”或眾所周知的多模式商務方法的新平台願景，我們宣布了一系列新產品功能和對現有產品的改進，重點是幫助我們的客戶以多種方式在線銷售跨實體產品、數字內容、課程、約會和預訂。隨著越來越多的人想出創造性的方式來銷售他們熱衷的東西，我們專注於為當今的企業家提供他們需要的一切，以發展多合一的無縫集成平台。

To highlight 2 specific new launches as part of our Roundup. First, we launched Squarespace Video Studio, which is an app that helps anyone create professional-level videos to promote their businesses and tell their story effortlessly. The app pulls in content and brand elements from their website in order to create marketing materials that meet their site design.

作為我們綜述的一部分，突出 2 個特定的新發布。首先，我們推出了 Squarespace Video Studio，這是一款可以幫助任何人製作專業級視頻來宣傳他們的業務並毫不費力地講述他們的故事的應用程序。該應用程序從其網站中提取內容和品牌元素，以創建符合其網站設計的營銷材料。

[Within] our many updates to Unfold, our award-winning app to help anyone stand out on social media, and we'd like to highlight Bio Sites. Bio Sites is a quick, simple website that users can create directly on their phone intended to go into social media buyers. These simple sites can route visitors to deeper content and functionality, depending on what their creator would like to optimize for. This enables linking to other sites, monetizing content or collecting tips. These updates were inspired by the trends of the evolving small business landscape and a flourishing creator economy with services-based businesses poised for increasing levels of success as many businesses broaden their way to transact.

[在] 我們對 Unfold 的許多更新，這是我們屢獲殊榮的應用程序，可幫助任何人在社交媒體上脫穎而出，我們想突出 Bio Sites。 Bio Sites 是一個快速、簡單的網站，用戶可以直接在手機上創建該網站，旨在吸引社交媒體買家。這些簡單的網站可以將訪問者引導到更深層次的內容和功能，具體取決於他們的創建者想要優化的內容。這可以鏈接到其他網站、通過內容獲利或收集提示。這些更新的靈感來自不斷發展的小企業格局和蓬勃發展的創造者經濟，隨著許多企業拓寬交易方式，基於服務的企業有望取得越來越大的成功。

Everything to Sell Anything is a broad vision to help our customers convert their dreams into ventures. The introduction of these products and updates was done in conjunction with the launch of our Everything to Sell Anything campaign, which we continue to run internationally to reinforce our positioning. This campaign was syndicated by many news outlets, and we received an incredibly positive response.

Everything to Sell Anything 是一個廣闊的願景，可以幫助我們的客戶將他們的夢想轉化為企業。這些產品和更新的推出是與我們的 Everything to Sell Anything 活動的啟動相結合的，我們將繼續在國際上開展這項活動以加強我們的定位。該活動由許多新聞媒體聯合發起，我們收到了令人難以置信的積極回應。

As part of our ongoing investment in international markets, we've begun launching local campaigns as well, starting with Australia and the United Kingdom. For instance, in Australia, our Make a Name for Yourself campaign aims to inspire, encourage and celebrate local entrepreneurship. The campaign aims to embolden individuals to turn their personal experience and ideas to a beautiful online presence reflective of who they are. I'm incredibly excited to pair our evolving platform and product innovations with such a beautiful and telegraphic campaign, which I think resonates very well with the next generation of entrepreneurs and creators. I'm looking forward to seeing everything they do with Squarespace.

作為我們對國際市場持續投資的一部分，我們也開始在澳大利亞和英國開展本地活動。例如，在澳大利亞，我們的 Make a Name for Yourself 活動旨在激發、鼓勵和慶祝當地企業家精神。該活動旨在鼓勵個人將他們的個人經歷和想法轉變為反映他們是誰的美麗在線形象。我非常高興能將我們不斷發展的平台和產品創新與如此精美的電報活動結合起來，我認為這與下一代企業家和創造者產生了很好的共鳴。我期待看到他們使用 Squarespace 所做的一切。

With that, I pass it to Marcela Martin, our CFO, who will walk you through the financials.

有了這個，我將它傳遞給我們的首席財務官 Marcela Martin，他將引導您了解財務狀況。

Thank you, Anthony, and thank you, everyone, for joining today. We are excited to share our third quarter results, and we continue to be even more excited about our fundamentals and the state of our business.

謝謝你，安東尼，謝謝大家今天的加入。我們很高興分享我們的第三季度業績，我們繼續對我們的基本面和業務狀況感到更加興奮。

We delivered strong revenue growth this quarter ahead of expectations. Revenue was $201 million in the quarter, an increase of 24% over the same quarter last year, driven by strong performance across both presence and commerce. Our commerce revenue reached $60 million, representing 55% year-over-year growth, which includes Tock's revenue. Bookings grew 22% during the same period, and we achieved annual run rate revenue of $789 million as of the end of Q3, 21% higher than prior year.

我們在本季度實現了超出預期的強勁收入增長。本季度收入為 2.01 億美元，比去年同期增長 24%，這得益於在業務和商務領域的強勁表現。我們的商業收入達到 6000 萬美元，同比增長 55%，其中包括 Tock 的收入。同期預訂量增長了 22%，截至第三季度末，我們實現了 7.89 億美元的年運營收入，比去年同期增長 21%。

Continued strong revenue, bookings and annual run rate revenue were driven by growth in unique subscriptions of 13.5% year-over-year. ARPUs grew almost 6% to $198 (sic) [$198 million] due to growth in commerce, including our scheduling product and the addition of hospitality services offered in Tock. We delivered adjusted EBITDA of $38 million, a 19% margin and unlevered free cash flow of $47 million, a 24% margin. We achieved year-over-year revenue growth of 24% over a strong Q3 last year.

獨特訂閱量同比增長 13.5% 推動了持續強勁的收入、預訂量和年運行率收入。由於商業的增長，包括我們的日程安排產品和 Tock 提供的酒店服務的增加，ARPU 增長了近 6% 至 198 美元（原文如此）[1.98 億美元]。我們實現了 3800 萬美元的調整後 EBITDA，利潤率為 19%，無槓桿自由現金流為 4700 萬美元，利潤率為 24%。與去年強勁的第三季度相比，我們實現了 24% 的同比收入增長。

Breaking it out, presence revenue grew 14% year-over-year, and our commerce revenue experienced 55% year-over-year growth. Presence revenue was driven by a strength in personal and business plan subscription as well as healthy growth in Google Workspace, which we account for on a net revenue basis, and social products.

打破它，存在收入同比增長 14%，我們的商業收入同比增長 55%。 Presence 收入受到個人和商業計劃訂閱的強勁增長以及 Google Workspace（我們按淨收入計算）和社交產品的健康增長推動。

We delivered a total of $60 million in commerce revenue this quarter, which grew 55% versus Q3 2020 through COVID. Organically and without the inclusion of Tock revenue, commerce would have grown approximately 34% year-over-year. Commerce revenue was driven by strength in our Basic and Advanced commerce subscription plan as well as continued strong growth in our multimodal offering, office scheduling and campaign.

本季度，我們共實現了 6000 萬美元的商業收入，與 2020 年第三季度相比增長了 55%。有機地，如果不包括 Tock 收入，商業將同比增長約 34%。商務收入是由我們的基本和高級商務訂閱計劃的實力以及我們的多式聯運產品、辦公室調度和活動的持續強勁增長推動的。

Driven by the strong growth in our commerce business, commerce represents an increasing percentage of our overall business. As of the end of Q3 2021, commerce represented 30% of our total revenue. The total transactional or nonsubscription revenue represents 25% of the total commerce revenue. Nonsubscription revenue continues to grow as a percentage of revenue on a year-over-year basis as the GMV that flows through our platform continues to increase.

在我們商業業務強勁增長的推動下，商業在我們整體業務中所佔的比例越來越大。截至 2021 年第三季度末，商業占我們總收入的 30%。交易或非訂閱總收入佔商業總收入的 25%。隨著流經我們平台的 GMV 繼續增加，非訂閱收入佔收入的百分比繼續增長。

GMV has grown 38% this quarter versus last year. We saw particularly strength from services-based GMV, notably from our scheduling product. The inclusion of Tock-related GMV contributed to the year-over-year growth rate, though labor shortages in the hospitality industry impacted our expectations of its potential growth. Physical goods represent a meaningful portion of our GMV mix, some of which was impacted by issues related to the global supply chain. Trend-wise, during the quarter, GMV dipped during the summer month, picking up in September.

本季度的 GMV 與去年相比增長了 38%。我們從基於服務的 GMV 中看到了特別的優勢，尤其是我們的調度產品。儘管酒店業的勞動力短缺影響了我們對其潛在增長的預期，但與 Tock 相關的 GMV 也促成了同比增長率。實物商品是我們 GMV 組合的重要組成部分，其中一些受到全球供應鏈相關問題的影響。趨勢方面，本季度，GMV 在夏季月份有所下降，在 9 月份有所回升。

Finally, our take rate has stabilized quarter-over-quarter as we will now include the payment processing services through Tock going forward. Our results this quarter were strong, and we believe issues facing the global supply chain and labor shortages in the hospitality industry adversely impacted our commerce business, and growth would have been even higher but for these issues.

最後，我們的收款率環比穩定，因為我們現在將通過 Tock 提供支付處理服務。我們本季度的業績強勁，我們認為全球供應鍊和酒店業勞動力短缺問題對我們的商業業務產生了不利影響，如果沒有這些問題，增長會更高。

We are very excited about our growing revenue base. Our total annual run rate revenue has grown to $788.6 million or 21% higher than the annual run rate revenue at the same time last year and represent a 42% increase compared to the end of Q1 2020.

我們對不斷增長的收入基礎感到非常興奮。我們的年度運營總收入已增長至 7.886 億美元，比去年同期的年度運營收入增長 21%，與 2020 年第一季度末相比增長 42%。

Markets outside the U.S. continue to be a driver for Squarespace, and our international expansion is one of the more important areas of growth and focus. After reclassifications that shifted some of the revenue from the U.S. to international, our international revenue was almost $62 million in the quarter, representing a 23% year-over-year growth rate and 31% of total revenue. The reclassification pertains to segment revenues which should have been classified as international revenues during Q1 and Q2 of 2021.

美國以外的市場繼續成為 Squarespace 的驅動力，我們的國際擴張是更重要的增長和重點領域之一。在將部分收入從美國轉移到國際的重新分類之後，我們本季度的國際收入接近 6200 萬美元，同比增長 23%，佔總收入的 31%。重新分類涉及分部收入，該收入本應在 2021 年第一季度和第二季度歸類為國際收入。

Accordingly, in Q3, we reclassified approximately $4.1 million and $5.1 million related to Q1 and Q2, respectively, as international revenue. Using the updated reclassification in 2021, Q1, Q2 and Q3 international year-over-year growth would have been 37%, 34% and 23%, respectively. Further, Q1, Q2 and Q3 U.S. year-over-year growth would have been 29%, 30% and 24%, respectively. These changes are outlined in our 10-Q.

因此，在第三季度，我們分別將與第一季度和第二季度相關的約 410 萬美元和 510 萬美元重新分類為國際收入。使用 2021 年更新後的重新分類，第一季度、第二季度和第三季度國際同比增長率將分別為 37%、34% 和 23%。此外，美國第一季度、第二季度和第三季度的同比增長率分別為 29%、30% 和 24%。我們的 10-Q 概述了這些變化。

Much of the growth was driven by our performance in the English-speaking countries, including Australia, U.K. and Canada. In addition, we continue to invest to expand our offerings to other non-English-speaking countries. As part of our international expansion strategy, we deepened our marketing efforts across key geographies such as Germany, U.K. and Australia. We recently launched 2 new languages for website, Swedish and Dutch. And we plan to expand our supported languages further, beginning with Norwegian and Danish in the first half of 2022.

大部分增長是由我們在英語國家（包括澳大利亞、英國和加拿大）的表現推動的。此外，我們繼續投資以將我們的產品擴展到其他非英語國家。作為我們國際擴張戰略的一部分，我們深化了在德國、英國和澳大利亞等主要地區的營銷工作。我們最近為網站推出了 2 種新語言，瑞典語和荷蘭語。我們計劃進一步擴展我們支持的語言，從 2022 年上半年開始使用挪威語和丹麥語。

This quarter, we observed some macroeconomic headwinds, particularly on new business formation. According to the U.S. Bureau of Labor Statistics, the growth rate this quarter fell approximately 18% year-over-year with a steeper month-over-month declines in July and August. We believe this had an impact on customer acquisition this quarter as compared to the previous year as the unique subscription growth rate in Q3 2020 was one of our record high quarters. The downward trends we saw in July and August recovered significantly in September, where business formation growth remained flat year-over-year.

本季度，我們觀察到一些宏觀經濟逆風，特別是在新業務形成方面。根據美國勞工統計局的數據，本季度的增長率同比下降了約 18%，其中 7 月和 8 月的環比下降幅度更大。我們認為，與上一年相比，這對本季度的客戶獲取產生了影響，因為 2020 年第三季度的獨特訂閱增長率是我們創紀錄的高季度之一。我們在 7 月和 8 月看到的下降趨勢在 9 月顯著恢復，業務形成增長與去年同期持平。

Further, we continue to believe that Squarespace makes it easy as ever to start a business. And these secular trends support a massive growing market opportunity that will allow us to continue to expand our customer base and revenue over time.

此外，我們仍然相信 Squarespace 讓創業變得更加容易。這些長期趨勢支持巨大的不斷增長的市場機會，這將使我們能夠隨著時間的推移繼續擴大我們的客戶群和收入。

During the third quarter, unique subscriptions grew 13.5% year-over-year to over 4 million. As a reminder, a unique subscription may account for both presence and commerce revenue as it represents a single count of what could potentially be multiple offering. This growth has been complemented by a 6% year-over-year increase in average revenue per unit subscription to $198, over 3% of which was organic growth, versus $188 in the previous year. As we have accelerated the pace of adding new products to the all-in-one platform over the last 2 years, we continue to see immense opportunity in cross-selling various subscriptions throughout the customer base.

第三季度，獨特訂閱量同比增長 13.5%，超過 400 萬。提醒一下，一個獨特的訂閱可能會同時考慮到存在和商業收入，因為它代表了可能是多個產品的單一計數。這一增長得到了補充，每單位訂閱的平均收入同比增長 6%，達到 198 美元，其中超過 3% 是有機增長，而去年為 188 美元。在過去 2 年中，隨著我們加快向一體化平台添加新產品的步伐，我們繼續看到在整個客戶群中交叉銷售各種訂閱的巨大機會。

Squarespace has a strong fundamental, including attractive margin profile. Our gross profit margin was 83.6% in Q3 slightly below Q3 2020, though slightly higher sequentially due to the consolidation with Tock, where payment processor fees represent the largest component of Tock's revenue. Our strong gross profit margin allow us to continue to invest in R&D, which grew 27% year-over-year to $49 million; and marketing and sales, up 35% versus prior year to $80 million.

Squarespace 具有強大的基本面，包括具有吸引力的利潤率。我們在第三季度的毛利率為 83.6%，略低於 2020 年第三季度，儘管由於與 Tock 的合併而環比略高，其中支付處理費用是 Tock 收入的最大組成部分。我們強勁的毛利率使我們能夠繼續投資於研發，同比增長 27% 至 4900 萬美元；以及營銷和銷售，比上年增長 35%，達到 8000 萬美元。

G&A expenses have now returned to a more normalized level without the impact of the Direct Listing cost but still growing 168% year-over-year, growing to $32 million. Part of this increase was driven by the market performance of stock-based compensation grant.

在不受直接上市成本影響的情況下，G&A 費用現已恢復到更加正常的水平，但仍同比增長 168%，增長至 3200 萬美元。這一增長的部分原因是基於股票的薪酬補助的市場表現。

Our strong fundamentals are also reflected in non-GAAP margins and profitability measures. Adjusted EBITDA was $38 million in the third quarter versus $41 million a year ago. Our unlevered free cash flow grew to approximately $47 million this quarter from approximately $45 million in the prior year, driven by higher revenue, partially offset by a decline in net working capital.

我們強勁的基本面也反映在非公認會計準則利潤率和盈利能力指標上。第三季度調整後的 EBITDA 為 3800 萬美元，而一年前為 4100 萬美元。在收入增加的推動下，本季度我們的無槓桿自由現金流從去年的約 4500 萬美元增長至約 4700 萬美元，但部分被淨營運資本的下降所抵消。

Q3 unlevered free cash flow exceeded the midpoint of the guidance range by approximately $24 million. The main reason for this positive variance relates primarily to the timing of prepayments, timing of certain tax payments and delays in capital projects.

第三季度無槓桿自由現金流超出指導範圍的中點約 2400 萬美元。這種正差異的主要原因主要與預付款的時間、某些納稅的時間和資本項目的延遲有關。

We have a strong and healthy balance sheet. Cash and investments reached over $200 million at the end of the quarter. Our net leverage improved this quarter to approximately 2.3x the last 12 months adjusted EBITDA.

我們擁有強大而健康的資產負債表。截至本季度末，現金和投資已超過 2 億美元。我們本季度的淨槓桿率提高到過去 12 個月調整後 EBITDA 的約 2.3 倍。

Now let's move on to fourth quarter guidance and what we are expecting in the full year of 2021. For the next quarter and full year 2021, we are cautiously optimistic given the strength in our business and some of the macro factors impacting Q3 that could continue or worsen in Q4. Our guidance reflects this. We remain confident that growth in our commerce business will continue to outpace presence, driven by a strong adoption of our diversified multimodal offering such as our e-commerce stores, scheduling, campaigns, member areas and Tock.

現在讓我們繼續討論第四季度的指導以及我們對 2021 年全年的預期。對於下一季度和 2021 年全年，鑑於我們的業務實力和影響第三季度的一些宏觀因素可能會持續，我們持謹慎樂觀的態度或在第四季度惡化。我們的指導反映了這一點。我們仍然相信，在我們的電子商務商店、日程安排、活動、會員區和 Tock 等多元化多式聯運產品的大力採用的推動下，我們的商業業務的增長將繼續超過其存在。

Near-term uncertainty driven by 3 macroeconomic factors may create some headwinds. These include the overall trends related to business formations in the U.S., global supply chain issues, which affect physical product GMV, and continued labor shortages that impact the hospitality industry in multiple ways. Our guidance assumes these headwinds remain through the end of the year. Improvement or further deterioration in Q4 could either positively or negatively impact our results.

由 3 個宏觀經濟因素驅動的近期不確定性可能會帶來一些不利因素。其中包括與美國業務形成相關的總體趨勢、影響實體產品 GMV 的全球供應鏈問題，以及以多種方式影響酒店業的持續勞動力短缺。我們的指導假設這些不利因素將持續到今年年底。第四季度的改善或進一步惡化可能會對我們的業績產生積極或消極的影響。

Therefore, in Q4 2021, we expect to achieve total revenue between $203 million and $206 million and an unlevered free cash flow between $7.7 million and $12.7 million. This implies a year-over-year revenue growth rate between 18% to 20% and an unlevered free cash flow margin between 3.8% and 6.2%. We expect our margin to be seasonally lower in Q4 due to an increase in prepayments associated with Q1 advertising spend.

因此，在 2021 年第四季度，我們預計總收入將在 2.03 億美元至 2.06 億美元之間，無槓桿自由現金流在 770 萬美元至 1270 萬美元之間。這意味著收入同比增長率在 18% 至 20% 之間，無槓桿自由現金流利潤率在 3.8% 至 6.2% 之間。由於與第一季度廣告支出相關的預付款增加，我們預計第四季度的利潤率將季節性降低。

Unlevered free cash flow is comprised of cash flow from operating activities between $11 million and $17.3 million, capital expenditures of $5.8 million and $7.3 million and cash paid for interest expenses net of associated tax benefit between $2.5 million and $2.7 million. The majority of the unlevered free cash flow we generated above our guidance in Q3 2021 we expect to be paid in Q4 2021 based on the timing of certain expenses and prepayment.

無槓桿自由現金流包括 1100 萬美元至 1730 萬美元的經營活動現金流量、580 萬美元至 730 萬美元的資本支出以及扣除相關稅收優惠後支付的利息支出現金 250 萬美元至 270 萬美元。我們在 2021 年第三季度產生的大部分無槓桿自由現金流超出了我們的指導，我們預計將根據某些費用和預付款的時間在 2021 年第四季度支付。

For our full year 2021 guidance, we have increased our total revenue expectation to between $780 million and $783 million from $772 million to $780 million previously. This implies a year-over-year revenue growth rate of approximately 26% at the top end of guidance, which should have been an acceleration of the 2019 annual revenue growth rate of 24% and slightly below our 2020 annual revenue growth rate of 28%.

對於我們的 2021 年全年指導，我們已將總收入預期從之前的 7.72 億美元提高到 7.83 億美元至 7.83 億美元之間。這意味著在指引的最高端，收入同比增長率約為 26%，這應該是 2019 年收入增長率 24% 的加速，略低於我們 2020 年 28% 的年收入增長率.

We also expect unlevered free cash flow between $117 million and $122 million from $102 million to $116 million previously, representing a margin between 15% and 16%. The guidance has increased primarily based on the increase in the full year revenue guidance and timing of prepayments. Cash flow from operating activities is now between $119.2 million and $125.5 million, capital expenditures of $12.5 million and $14 million and cash paid for interest expenses net of associated tax benefits between $10.3 million and $10.5 million.

我們還預計無槓桿自由現金流從之前的 1.02 億美元到 1.16 億美元在 1.17 億美元到 1.22 億美元之間，利潤率在 15% 到 16% 之間。該指引的增加主要是基於全年收入指引和預付款時間的增加。經營活動產生的現金流現在在 1.192 億美元到 1.255 億美元之間，資本支出在 1250 萬美元到 1400 萬美元之間，利息支出扣除相關稅收優惠後支付的現金在 1030 萬美元到 1050 萬美元之間。

Growth opportunities around Squarespace. We continue to deliver our financial goals, and we remain focused on execution. Our opportunities are significant. Continued growth of multimodal commerce, geographical expansion, enterprise and expert communities are the key focus areas. We remain very optimistic on the long-term secular trends in our industry, the large total addressable market as well as our ability to execute against our plan.

Squarespace 周圍的增長機會。我們繼續實現我們的財務目標，我們仍然專注於執行。我們的機會很重要。多式聯運的持續增長、地域擴張、企業和專家社區是重點關注領域。我們對我們行業的長期長期趨勢、龐大的總潛在市場以及我們執行計劃的能力仍然非常樂觀。

We would like to remind the audience that our Virtual Investor Day will be held on Thursday, November 18, 2021. We are very excited for this upcoming event next week and the opportunity to share more on the Squarespace story and our future. It will be a webcast beginning at 1:00 p.m. Eastern Standard Time, and you can find the registration details in the Events & Presentations section of our Investor Relations website.

我們想提醒觀眾，我們的虛擬投資者日將於 2021 年 11 月 18 日星期四舉行。我們對下週即將舉行的活動以及分享更多有關 Squarespace 故事和我們未來的機會感到非常興奮。它將在下午 1:00 開始進行網絡直播。東部標準時間，您可以在我們的投資者關係網站的活動和演示部分找到註冊詳細信息。

And with this, I will pass it on to Anthony for final remarks.

有了這個，我將把它交給安東尼做最後的評論。

I'm incredibly proud of our achievements this quarter. We are making excellent progress towards our vision of not only helping our customers represent themselves online but also helping them transact with their customers no matter how that transaction may occur. This wave of existing businesses transacting online in many ways, along with the new generation of creators and entrepreneurs, will drive durable growth for Squarespace in the years to come.

我為我們本季度取得的成就感到無比自豪。我們在實現我們的願景方面取得了巨大進展，不僅幫助我們的客戶在線代表自己，而且幫助他們與客戶進行交易，無論交易如何發生。這一波以多種方式進行在線交易的現有企業，以及新一代的創造者和企業家，將在未來幾年推動 Squarespace 的持久增長。

In closing, I'd like to thank all of our employees, partners and customers and shareholders for their ongoing support. Thank you again. We look forward to seeing many of you at our Investor Day next week.

最後，我要感謝我們所有的員工、合作夥伴、客戶和股東一直以來的支持。再次感謝你。我們期待在下週的投資者日見到你們中的許多人。

Thank you, Anthony and Marcela. We'll now turn the call over to Q&A. Operator, please open the line for questions.

謝謝你，安東尼和馬塞拉。我們現在將電話轉至問答環節。接線員，請打開電話提問。

(Operator Instructions) The first question we have comes from Trevor Young from Barclays.

（操作員說明）我們收到的第一個問題來自巴克萊的 Trevor Young。

Just on the GMV comment, Marcela, I think you noted that it dipped in the summer and then picked back up in September. I just want to clarify that you're saying that growth slowed in those summer months but didn't actually decline year-on-year. Is that correct? And then how has that trended so far into October? Have we seen kind of stable trends, improvement? Any detail there would be helpful.

就 GMV 的評論，Marcela，我想你注意到它在夏天下降，然後在 9 月回升。我只是想澄清一下，你是說那些夏季月份的增長放緩，但實際上並沒有同比下降。那是對的嗎？那麼到目前為止，到 10 月的趨勢如何？我們是否看到了某種穩定的趨勢和改善？那裡的任何細節都會有所幫助。

Trevor, thanks for your question. Yes, you heard that correctly. It was a little bit soft on the goods side, very strong on scheduling, and we attribute that to the macro trends that you see with supply chain challenges so far. And October, what we have seen so far is according to what we had expected.

特雷弗，謝謝你的提問。是的，你沒聽錯。貨物方面有點疲軟，調度方面非常強，我們將其歸因於您迄今為止看到的供應鏈挑戰的宏觀趨勢。而 10 月份，到目前為止，我們所看到的和我們預期的一樣。

The next question we have comes from Sterling Auty from JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

Yes. I want to follow on that line of questioning but kind of expand upon it. So you mentioned a number of factors. The business starts in the U.S., supply chain constraints. Wonder if you could just kind of characterize the magnitude. What's having the bigger impact on the business? And how are you managing your marketing spend, in particular, in light of those elements?

是的。我想繼續提問，但有點擴展它。所以你提到了一些因素。業務始於美國，供應鏈受限。想知道你是否可以描述一下幅度。什麼對業務產生更大的影響？尤其是考慮到這些因素，您如何管理營銷支出？

Sterling, look, I mean, we had a very good, strong Q3 financials. And what we can tell you is that scheduling performed really well and above of what we had anticipated. We have a very powerful set of tools for creators and that they -- any professional that want to sell their time, and we are very happy with the performance that we have had so far. I think that all of our scheduling tools for events, appointments and so on are putting us as a leader in this space.

英鎊，看，我的意思是，我們的第三季度財務狀況非常好，強勁。我們可以告訴你的是，日程安排的表現非常好，超出了我們的預期。我們為創作者和他們——任何想要出賣時間的專業人士——提供了一套非常強大的工具，我們對迄今為止的表現感到非常滿意。我認為我們用於活動、約會等的所有日程安排工具都使我們成為該領域的領導者。

Online commerce also performed better -- a little bit better than what we had expected. And we believe that commerce will continue to grow and will become a more meaningful contributor to the overall mix of our top line growth. Unique subscriptions performed a little bit lower than what we had expected, and we attributed that to the slow U.S. business formations that we saw in July and August combined with a little bit of seasonality in international as summer months typically drive lower conversion rates.

在線商務的表現也更好——比我們預期的要好一點。我們相信，商業將繼續增長，並將成為我們收入增長整體組合的更有意義的貢獻者。獨特訂閱的表現略低於我們的預期，我們將此歸因於我們在 7 月和 8 月看到的美國業務形成緩慢，以及國際市場的一些季節性因素，因為夏季月份通常會降低轉換率。

What we have seen in Tock is that we seeded a record number of diners in the quarter. So we are quite pleased with the performance of the business from a volume perspective. However, the product mix was the driver of the lower-than-expected revenue for payment. We see subscriptions continue to increase. But what we have observed in Tock, in particular, was that the business had been impacted by labor shortages, very well known in the industry and how that is impacting the hospitality industry in general. And again, I mean the supply chain has impacted -- we believe that it has impacted the growth of GMV on online commerce stores. And again, I mean, the strength that we have seen in GMV have come for the most part from our scheduling tools.

我們在 Tock 看到的是，我們在本季度吸引了創紀錄數量的食客。因此，從數量的角度來看，我們對業務的表現非常滿意。然而，產品組合是支付收入低於預期的驅動因素。我們看到訂閱量繼續增加。但我們在 Tock 所觀察到的尤其是，該業務受到了勞動力短缺的影響，這在業內非常有名，以及這對整個酒店業有何影響。再說一次，我的意思是供應鏈已經受到影響——我們認為它已經影響了電子商務商店 GMV 的增長。再說一次，我的意思是，我們在 GMV 中看到的優勢大部分來自我們的調度工具。

That makes sense. And then maybe one quick follow-up. I think there is a lot of discussion around what might happen to the e-commerce world as we go through the holiday season in light of the supply chain constraints. I think you mentioned that in your guidance, you're assuming that the constraints continue. But in particular, how have you kind of factored in the e-commerce environment for the holiday season in light of those constraints?

這就說得通了。然後也許是一個快速的跟進。我認為，鑑於供應鏈的限制，當我們度過假期時，電子商務世界可能會發生什麼，有很多討論。我認為您在指導中提到過，您假設限制仍在繼續。但特別是，鑑於這些限制，您是如何考慮假日季節的電子商務環境的？

What we have assumed -- of course, we are optimistic about the business. You can see the performance that we have had in Q3. But we are cautious because the holiday season may also impact our scheduling business, which has performed really well so far. But consumers may shift spend towards goods -- or sorry, towards travel and entertainment, right? And if that occurs, also what we can -- what we could expect is that, that could impact the growth that we had in considerable unique subscriptions or websites on domain.

我們所假設的——當然，我們對業務持樂觀態度。你可以看到我們在第三季度的表現。但我們保持謹慎，因為假期季節也可能影響我們的調度業務，該業務迄今為止表現非常好。但消費者可能會將支出轉向商品——或者抱歉，轉向旅遊和娛樂，對吧？如果發生這種情況，我們也可以 - 我們可以預期的是，這可能會影響我們在相當多的獨特訂閱或域網站中的增長。

And GMV, of course, we are -- again, I mean, we are very optimistic about the Q4 season. But we remain cautious because of the supply changes and also for increases. I mean the food inflation -- the food price inflation is real, and that can impact, of course, Tock and our commerce stores.

當然，GMV 是——我的意思是，我們對第四季度非常樂觀。但由於供應變化以及增加，我們仍然保持謹慎。我的意思是食品通脹——食品價格通脹是真實存在的，這當然會影響 Tock 和我們的商店。

Yes. I think just to add to what Marcela is saying, within Squarespace's revenues, you're seeing a pretty dynamic picture emerge really where our business a decade ago or 5 years ago was going to be mostly defined by new website creation domains and, to a lesser extent back then, people transacting to the platform. And now you're seeing a business that has revenues from scheduling revenues, from hospitality revenues, to go ordering revenues, from events revenues, from member areas and all these different ways that we're enabling people to transact.

是的。我想補充一下 Marcela 的說法，在 Squarespace 的收入中，你會看到一個非常動態的畫面，我們十年前或五年前的業務將主要由新的網站創建域定義，並且，那時，在較小程度上，人們在平台上進行交易。現在您看到的企業的收入來自計劃收入、酒店收入、訂購收入、活動收入、會員領域以及我們使人們能夠進行交易的所有這些不同方式。

And so in any given quarter, I think you're going to see, insofar as these macro events keep kind of washing over us, those revenue streams impacted in different ways at different times. For instance, when COVID started, our scheduling business was really hit hard for a couple of months and now has picked up and is one of the strongest performers within that commerce portfolio. So yes, I don't think any one individual trend that we see there is going to have such an outsized impact, but they are all real. And depending on the sector you're looking at, the subsector within Squarespace, they just -- they're going to play out in different ways.

因此，在任何給定的季度，我想你都會看到，只要這些宏觀事件不斷地沖刷著我們，這些收入流在不同的時間以不同的方式受到影響。例如，當 COVID 開始時，我們的調度業務在幾個月內受到了嚴重打擊，現在已經回升，並且是該商業組合中表現最強勁的公司之一。所以，是的，我認為我們看到的任何一種趨勢都不會產生如此巨大的影響，但它們都是真實的。根據你所關注的行業，Squarespace 中的子行業，它們只是——它們將以不同的方式發揮作用。

Next, we have Siti Panigrahi from Mizuho.

接下來，我們有來自瑞穗的 Siti Panigrahi。

Congratulations. Good quarter. So Anthony and Marcela, I want to ask you about in the beginning and for Q2, you were a little concerned about Delta variant. And you also talked about some of your content heading into Q4. But what are the areas that exceeded your expectation in Q3? And as you're looking forward to Q4, what are you thinking going to be key driver Q4 or in the next few quarters?

恭喜。好季度。所以 Anthony 和 Marcela，我想在一開始就問你們，對於第二季度，你們有點擔心 Delta 變體。您還談到了您進入第四季度的一些內容。但在第三季度，哪些領域超出了您的預期？當您期待第四季度時，您認為第四季度或未來幾個季度的關鍵驅動因素是什麼？

Yes. Thanks, Siti. Yes. I mean what -- we have been investing over the long run in the resilience of the business. And this is what Anthony was trying to portray earlier when he was talking about the different revenue streams that we have so far. And what I was trying to convey was that, for example, in a COVID environment or in a Delta environment with lockdowns, we could have expected that for business and domains, those were going to strive, while our scheduling business and Unfold business would have been negatively impacted, right? And the opposite would occur without lockdowns.

是的。謝謝，西蒂。是的。我的意思是——從長遠來看，我們一直在投資於業務的彈性。這就是安東尼早些時候在談論我們迄今為止擁有的不同收入來源時試圖描繪的內容。我試圖傳達的是，例如，在 COVID 環境或處於鎖定狀態的 Delta 環境中，我們本可以預期，對於業務和域，它們會努力，而我們的調度業務和展開業務會受到了負面影響，對吧？如果沒有封鎖，情況就會相反。

So what we have seen in Q3 that performed really well is commerce stores continue to perform well, though GMV has been impacted, particularly for goods. And when I say it has grown, it hasn't grown as strongly as the scheduling, the GMV for the scheduling businesses. Scheduling has performed really, really well. And unique subscriptions were a little bit lower than what we had expected, part of that because of seasonality. And part of that, we believe it is because of the U.S. formation business as our overall business continue to be skewed towards domestic, right?

因此，我們在第三季度看到的表現非常出色的是商業商店繼續表現良好，儘管 GMV 受到了影響，尤其是在商品方面。當我說它已經增長時，它並沒有像調度那樣強勁增長，調度業務的 GMV。調度執行得非常非常好。唯一訂閱量比我們預期的要低一些，部分原因是季節性。部分原因是，我們認為這是因為美國的組建業務，因為我們的整體業務繼續偏向國內，對吧？

And again, I mean, with Tock, we are quite excited about the business, record number of diners in the quarter. So that's a major milestone for the business. So transaction-wise, the business is performing really well. It's getting the traction that we were expecting. And we are even more excited with the tools that we can continue to create to support these time-slotted businesses for the hospitality industry.

再說一次，我的意思是，有了 Tock，我們對這項業務感到非常興奮，本季度的食客人數創紀錄。所以這對企業來說是一個重要的里程碑。所以在交易方面，業務表現非常好。它得到了我們所期待的牽引力。我們對我們可以繼續創建的工具更加興奮，以支持酒店業的這些時間段業務。

And Anthony, late September, you introduced so many features. And how does that expand your competitive positioning? And also the new campaign Everything to Sell Anything, like how do you see that campaign going to drive any kind of growth?

安東尼，九月下旬，你介紹了這麼多功能。這將如何擴大您的競爭地位？還有新的“Everything to Sell Anything”活動，比如您如何看待該活動將推動任何形式的增長？

Yes. Well, I'm really proud of the team, and I'm proud of what we released. And I love the new positioning. It's inherent in that campaign because I think multimodal commerce maybe is not the best way of describing what we do from a consumer perspective. But I think, yes, Everything to Sell Anything is.

是的。嗯，我真的為團隊感到自豪，我為我們發布的內容感到自豪。我喜歡新的定位。這是該活動固有的，因為我認為多式聯運可能不是從消費者角度描述我們所做工作的最佳方式。但我認為，是的，Everything to Sell Anything 是。

And along with a couple of releases, we highlighted Bio Sites and Unfold. We highlighted Squarespace Video Studio coming out. There are a slew of other improvements across the product lines. And really, we use it as an opportunity to sort of recap and say, hey, Squarespace is not just websites and physical commerce. It's so much more. It's tools for the hospitality industry. It's tools for appointment booking and scheduling. There's new emerging business models. We want to highlight things like member areas, which we're going to expand into, more tools for online courses and video.

除了幾個版本，我們還重點介紹了 Bio Sites 和 Unfold。我們強調了 Squarespace Video Studio 的推出。整個產品線還有許多其他改進。真的，我們利用它作為一個機會來回顧一下，說，嘿，Squarespace 不僅僅是網站和實體商業。還不止這些。它是酒店業的工具。它是用於預約和安排的工具。有新興的商業模式。我們想強調一些東西，比如我們將要擴展的會員區，更多的在線課程和視頻工具。

And it's just -- there's this huge opportunity in commerce out there that is just beyond simple physical commerce. I mean that's, of course, big, too. And again, I've said it on previous calls. We have almost a decade of investment in our commerce engine. And it's one of the most powerful ones on the Internet. But when you combine that with all these other ways to transact in one platform and one company, I think it's where Squarespace is really going to start to shine. It's certainly shining now. But it will -- we're going to lean more into that in years to come.

這只是 - 商業中存在巨大的機會，超出了簡單的實體商業。我的意思是，當然，也很大。再一次，我在以前的電話中說過。我們對我們的商業引擎進行了近十年的投資。它是互聯網上最強大的之一。但是，當您將其與所有這些其他方式結合在一個平台和一家公司進行交易時，我認為這就是 Squarespace 真正開始大放異彩的地方。現在肯定在發光。但它會——我們將在未來幾年更多地關注這一點。

And you see that reflected in the numbers as well with $60 million in revenue. That's about 30% of our revenue, just around there just this quarter coming from those commerce-related activities. And we think that's just going to continue to grow.

您會在數字中看到這一點以及 6000 萬美元的收入。這大約是我們收入的 30%，就在這個季度，來自那些與商業相關的活動。我們認為這只會繼續增長。

Next question comes from Josh Beck from KeyBanc.

下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to go back to the international growth. Obviously, that's been one of the future opportunities for you as a business. I think this quarter, it was similar or maybe a touch below U.S. Was that maybe related to some of the measures that we've seen in Australia and some other countries? Just curious maybe what some of the impacts were this quarter and how we should be thinking about those trends over a longer time horizon?

我想回到國際增長。顯然，這是您作為企業的未來機會之一。我認為本季度的情況類似，或者可能略低於美國。這可能與我們在澳大利亞和其他一些國家看到的一些措施有關嗎？只是好奇本季度的一些影響是什麼，以及我們應該如何在更長的時間範圍內思考這些趨勢？

So in short -- thanks for the question. So in short, yes, I think as we see the climate very -- I mean, just very different scenarios in various regions. But from an international standpoint, we continue to introduce new languages. Marcela mentioned 2 coming in the first half of next year. We've been pushing with localized campaigns actually in the slide materials. In our YouTube channel, you can see some of what we did in the U.K. and Australia. And we're going to be launching new payment mechanisms. So we have [SEPA] on the horizon, which will further enhance our ability to convert in those international markets.

簡而言之-感謝您的提問。所以簡而言之，是的，我認為當我們看到氣候時 - 我的意思是，不同地區的情況非常不同。但從國際的角度來看，我們繼續推出新的語言。 Marcela 提到 2 將在明年上半年推出。我們一直在推動幻燈片材料中的本地化活動。在我們的 YouTube 頻道中，您可以看到我們在英國和澳大利亞所做的一些事情。我們將推出新的支付機制。因此，我們即將推出 [SEPA]，這將進一步增強我們在這些國際市場上的轉化能力。

But just to circle back around to the beginning of the question, yes, I mean, depending on where people are out of travel, what's locked down, what's opening up. And part of what we're seeing which is kind of interesting, it was -- we touched on it as part of the prior answer. Just because the lockdown exists or doesn't exist, there are all kinds of dynamics that are created now post lockdown, all the supply chain issues, labor shortages, all that. That's not -- I don't think a lot of people could have maybe known exactly that, that was going to play out quite like that. And they're affecting different industries and different regions in a disparate way.

但只是回到問題的開頭，是的，我的意思是，取決於人們在哪裡旅行，什麼被鎖定，什麼是開放的。我們看到的部分內容很有趣，它是——我們在之前的答案中談到了它。僅僅因為封鎖存在或不存在，封鎖後就會產生各種動態，所有供應鏈問題，勞動力短缺等等。那不是——我不認為很多人可能確切地知道這一點，那會像那樣上演。它們以不同的方式影響著不同的行業和不同的地區。

Very helpful. And then maybe just a follow-up on the unique subscriptions. Obviously, the last 2 years, where we have a lot of the quarterly detail, very unusual time for a lot of reasons. Just so -- as we think about next year, anything to call out with respect to seasonality? Is there a bit of a new year's halo where you start to see stronger formation in a typical year? Just anything that we should be calibrated on and just in terms of seasonality for next year?

非常有幫助。然後也許只是對獨特訂閱的跟進。顯然，過去 2 年，我們有很多季度細節，這是非常不尋常的時間，原因有很多。就這樣——當我們考慮明年的時候，關於季節性有什麼需要注意的嗎？是否有一點新年的光環，在典型的年份你開始看到更強的形成？我們應該根據明年的季節性進行校準嗎？

Josh, look, I mean, with seasonal -- let me walk you through typical seasonality of unique subscriptions on a non-COVID year. Q1 is the strongest, and Q3 are strong, and the lowest are typically Q2 and Q4. Actually, Q4 is stronger than Q2, right? That's on a regular basis.

喬希，看，我的意思是季節性的——讓我帶你了解非 COVID 年份獨特訂閱的典型季節性。 Q1最強，Q3強，最低通常是Q2和Q4。實際上，Q4 比 Q2 強，對吧？這是定期的。

But I just want to call out that because of the nature of the unique subscription, like Unfold has -- it's not a product that is fully attached to -- yet to websites or to domains. And so unique, typically Unfold, they count as unique. And then we have the other set of subscriptions, domains, like member areas, campaigns, et cetera, that they get attached to each other and that they account for one.

但我只想指出，由於獨特訂閱的性質，就像 Unfold 一樣——它不是完全依附於網站或域的產品。如此獨特，通常是展開，它們算得上是獨一無二的。然後我們有另一組訂閱、域，如會員區、活動等，它們相互關聯並且佔一個。

The reason why I'm clarifying this is because Unfold, that has a slightly different seasonality than the rest of the -- what I would whole unique subscriptions, which is that typically Q3 is a strong -- is a strongest actually with Q1 is the strongest quarter for Unfold -- sorry, excuse me, I am saying Q1 and Q2 are the strongest for Unfold. And Q3 and Q4 are the weakest for Unfold. So overall, what we can expect is that as we moved into 2022, the seasonality will remain, as I have explained to you before, where Q1 is going to be the strongest quarter and Q2 the weakest.

我要澄清這一點的原因是因為展開，它的季節性與其餘部分略有不同——我會完全獨特的訂閱，即通常第三季度很強——實際上是第一季度最強的是Unfold 最強的季度——對不起，對不起，我是說 Q1 和 Q2 是 Unfold 最強的季度。 Q3 和 Q4 是 Unfold 最弱的。總體而言，我們可以預期的是，隨著我們進入 2022 年，季節性將保持不變，正如我之前向您解釋的那樣，第一季度將是最強勁的季度，而第二季度將是最弱的季度。

Next question comes from Naved Khan from Truist Securities.

下一個問題來自 Truist Securities 的 Naved Khan。

Maybe just a quick clarification on the trends you described in terms of growth over the summer. You said July and August are weak, September saw some improvement. And you said that October is consistent with your expectations. Can you maybe just compare and contrast October versus September? And has the recovery in September sort of continued into October? Or has it even inched higher? Or how should we think about that? And then I have a follow-up.

也許只是對您描述的夏季增長趨勢的快速澄清。你說七八月份疲軟，九月份有所好轉。你說十月符合你的預期。你能不能把 10 月和 9 月比較一下？ 9 月的複蘇是否會持續到 10 月？或者它甚至更高？或者我們應該怎麼想？然後我有一個跟進。

Sure. Naved, October has been a little bit of a stronger month compared to September. So we still remain cautious on how the business formations will remain for the rest of the year just because of the typical trends that we see in the industry.

當然。 Naved，與 9 月相比，10 月的表現要好一些。因此，由於我們在行業中看到的典型趨勢，我們仍然對今年剩餘時間業務形式將如何保持謹慎。

One more thing that I alluded earlier, I don't know how clear it was, that if we yet need to see when borders start to open up and consumers may shift this year, in particular, more compared to other years as they have been stuck in their home for almost 2 years, they may shift expense towards more traveling and entertainment rather than typical services or websites or domains. But so far, what we feel at the moment, we are confident with the guidance that we have provided based on what we have seen so far. And so far, when I'm saying so far, the same as of today.

我之前提到的另一件事，我不知道它有多清楚，如果我們還需要看看邊界何時開始開放，今年消費者可能會發生變化，特別是與其他年份相比，他們已經在家里呆了將近 2 年，他們可能會將開支轉向更多的旅行和娛樂，而不是典型的服務或網站或域。但到目前為止，就我們目前的感受而言，我們對基於迄今為止所見所聞提供的指導充滿信心。到目前為止，當我說到目前為止，和今天一樣。

Understood. That's super helpful. And maybe just a bigger picture question. So in terms of hospitality and leisure, how should we think about that as a subcategory? How meaningful could it be if it recovers, either through growth in payments and your ability to capture that or other things? Just maybe speak to that.

明白了。這非常有幫助。也許只是一個更大的問題。那麼在款待和休閒方面，我們應該如何將其視為一個子類別？如果它通過支付的增長以及您獲得該或其他事物的能力而恢復，那麼它會有多大意義？只是也許說一下。

Thank you for the question. We think it could be huge. That's why we were so excited to partner up and join forces with Tock. We have so many businesses on the platform that are hospitality-based businesses, service-based businesses, event-based businesses, time-slotted businesses. And I mean hospitality -- I don't have the figure off top of my head, but what percent of it is -- our whole GDP is -- it's like 4% or something, something like that. Someone needs to reference -- check me on that number. But it can be absolutely massive.

感謝你的提問。我們認為這可能是巨大的。這就是為什麼我們如此興奮地與 Tock 合作並聯手。我們在平台上有很多業務，它們是基於酒店的業務、基於服務的業務、基於事件的業務、有時限的業務。我的意思是熱情好客 - 我沒有想到這個數字，但它的百分比是多少 - 我們的整個 GDP 是 - 大概是 4% 或類似的東西。有人需要參考——檢查我的那個號碼。但它可以是絕對巨大的。

In fact, I think when you look across all of the revenue streams that we enable within our commerce offering, all of them can individually be -- if you could have a company just doing one of them -- and it can be a very, very large company. And that applies to scheduling and appointments. That applies to time-slotted businesses. And that's to-go ordering, reservations, events. That applies to e-commerce, of course, which we've all seen.

事實上，我認為當您查看我們在商業產品中啟用的所有收入流時，所有這些都可以單獨 - 如果您可以讓一家公司只做其中一個 - 它可以是一個非常，非常大的公司。這適用於日程安排和約會。這適用於有時間段的業務。這就是外賣訂購、預訂和活動。當然，這適用於我們都見過的電子商務。

And we've got some bets on some newer things like member areas where we think that there's a lot of businesses out there that are going to want to sell time and expertise and provide access to video classes and courses and paid newsletters. All of those, I think, can be very big on their own. And a powerful part of what we do is that we've got all of that in one single platform.

我們對一些較新的事物下注，例如會員領域，我們認為有很多企業想要出售時間和專業知識，並提供視頻課程和課程以及付費新聞通訊的訪問權限。我認為，所有這些都可以靠自己很大。我們所做的一個強大的部分是我們將所有這些都放在一個平台上。

And I think it just sets us up really well for the future because again, as we were referencing earlier on this call, this business is not -- we just need another website, another website, another website, or we prioritize one basket on e-commerce or the scheduling industry, like the types of businesses that are being powered by our scheduling products are affected. Everything else is lost. So we're trying to set up a really robust and durable revenue stream and one that can grow with these customers.

而且我認為它為我們的未來奠定了良好的基礎，因為正如我們之前在本次電話會議中提到的那樣，這項業務不是 - 我們只需要另一個網站，另一個網站，另一個網站，或者我們在 e 上優先考慮一個籃子- 商務或調度行業，例如由我們的調度產品提供支持的業務類型會受到影響。其他一切都丟失了。因此，我們正在努力建立一個真正強大和持久的收入來源，並且可以與這些客戶一起成長。

I think if you look at Squarespace 5 years ago versus today, the big difference is the more we're part of that commerce transaction, we get to scale with our customers, sell them more services. But also as we're part of more -- as they transact more, we're able to grow with them. 5, 10 years ago, let's pick 10 years ago, that's definitely not the case for Squarespace. If your website gets a bunch more traffic, bandwidth and storage is commoditized in our industry and -- for small sites years ago.

我認為，如果您看一下 5 年前與今天的 Squarespace，最大的區別在於我們參與該商業交易的程度越高，我們就越能與客戶一起擴大規模，向他們出售更多服務。但隨著我們成為更多的一部分——隨著他們進行更多的交易，我們能夠與他們一起成長。 5、10年前，我們選10年前吧，Squarespace絕對不是這樣的。如果您的網站獲得更多流量，帶寬和存儲在我們的行業中已經商品化，而且——對於幾年前的小型網站。

So this is an exciting time for us. And I think when you think about any one of those revenue streams that I'm referencing there and you take a 10-year view and think, okay -- or even a 5-year view and say, are people going to be booking more orders online, more appointments online, selling more online or less in 5 years, I think the answer is clearly more in all of the basic categories that we service. We've intentionally gone from really, really broad revenue streams, right? Now there's a lot of niches within them, but these categories I'm describing are just -- they're really big.

所以這對我們來說是一個激動人心的時刻。而且我認為，當您考慮我在其中提到的任何一種收入來源時，您會從 10 年的角度來看，好吧——甚至是 5 年的觀點，然後說，人們是否會預訂更多在線訂單，更多在線預約，5 年內在線銷售更多或更少，我認為答案顯然更多是在我們服務的所有基本類別中。我們有意放棄了非常非常廣泛的收入來源，對吧？現在它們中有很多利基市場，但我所描述的這些類別只是——它們真的很大。

Yes. And just to add to that, I think we -- all of the services tools that we have in the platform are positioning us as the leader, we believe, as the leader in the market in services in particular. When you think about the Tock application, right, it's a tool that was born to help and serve restaurants. But it's actually a tool that has expanded to much more than that. And we have distilleries, wineries, museums that use that tool.

是的。除此之外，我認為我們 - 我們在平台中擁有的所有服務工具都將我們定位為領導者，我們相信，尤其是服務市場的領導者。當您想到 Tock 應用程序時，沒錯，它是一個為幫助和服務餐廳而生的工具。但它實際上是一個已經擴展到更多的工具。我們有使用該工具的釀酒廠、釀酒廠、博物館。

So it's quite exciting. And combined with the scheduling where we tackle a lot of the health and wellness industry, I think that, as Anthony said, we are very, very well positioned for the future.

所以這很令人興奮。結合我們處理許多健康和保健行業的日程安排，我認為，正如安東尼所說，我們為未來做好了非常非常好的準備。

Yes. We've got really diverse, wide coverage there. But I'd also like to emphasize that we actually go very, very deep in these different categories. Because if it was just surfaced based, if we just kind of went out there and said, oh, yes, we've got scheduling, sure, we -- you have to go ordering, I just don't think that, that would translate to meaningful -- actual meaningful revenue because we wouldn't be really powering the kind of businesses that we have always attracted to our platform.

是的。我們在那裡有非常多樣化、廣泛的覆蓋範圍。但我還想強調，我們實際上在這些不同的類別中非常非常深入。因為如果它只是基於浮出水面，如果我們只是去那裡說，哦，是的，我們有安排，當然，我們 - 你必須去訂購，我只是不認為，那會轉化為有意義的——實際有意義的收入，因為我們不會真正為我們平台一直吸引的那種業務提供動力。

I mean Squarespace has always attracted a customer set that was more serious, more design-conscious, wanted to pay and really wanted to succeed and stand out. And so we have to pair that with deep functionality, not just surface-level functionality. And I think when you look across our product offering, we are really -- we're in an incredibly unique spot with regards to that considering what we've built and what we bought.

我的意思是 Squarespace 一直吸引著一群更認真、更有設計意識、想要付費並且真的想要成功和脫穎而出的客戶群。因此，我們必須將其與深層功能配對，而不僅僅是表面級功能。而且我認為，當您查看我們的產品時，我們真的 - 考慮到我們已經建立和購買的內容，我們處於一個非常獨特的位置。

The next question comes from Ken Wong from Guggenheim Securities.

下一個問題來自古根海姆證券公司的 Ken Wong。

Anthony, I wanted to circle up on something you touched on earlier in your call. You mentioned revamping your referral program, your partner referral program, something we've kind of heard might be in the works. Just would love to get your sense for what's changed there, how that might potentially drive subs down the line, potentially change your commerce mix to the extent that you're moving a little more upmarket. And any color there would be fantastic.

安東尼，我想談談你之前在電話中提到的一些事情。你提到了改進你的推薦計劃，你的合作夥伴推薦計劃，我們聽說可能正在進行中。只是想了解那裡發生了什麼變化，這可能會如何推動潛艇下線，可能會改變您的商業組合，從而使您向高端市場轉移。那裡的任何顏色都會很棒。

Yes. So we introduced a new referral program. We've been testing it in non-U.S. geos for a little bit and seeing how it perform. But we started to roll that out across our whole Circle program just to help incentivize people who are already on the platform, already building on the platform to build more on the platform and to share in our success.

是的。所以我們引入了一個新的推薦計劃。我們已經在非美國地區對其進行了一段時間的測試，看看它的表現如何。但我們開始在整個 Circle 計劃中推廣這一點，只是為了幫助激勵已經在平台上、已經在平台上構建的人們在平台上構建更多內容並分享我們的成功。

I'd say 2 things there. One, the Circle program, which, of course, is our professional community, has always been incredibly important to us. Squarespace has always been a favorite choice of designers and web professionals because of our design orientation and the fact that if they're using us, they're able to get out of the box so much further than if they would have to fix design on something that's kind of inherently out of the box a little more broken. So we've always been -- we've always resonated very well with that community. And it's just another step in us partnering with them and servicing them.

我會在那裡說兩件事。第一，Circle 計劃，當然，這是我們的專業社區，對我們來說一直非常重要。 Squarespace 一直是設計師和網絡專業人士最喜歡的選擇，因為我們以設計為導向，而且如果他們使用我們，他們能夠開箱即用，而不是必須修復設計。一些本質上開箱即用的東西有點破碎。所以我們一直 - 我們一直與那個社區產生很好的共鳴。這只是我們與他們合作並為他們提供服務的又一步。

The other thing that I'd like to help equip them with is we've got tens of thousands of people out there putting sites on Squarespace, and that means that they're in front of businesses as they're getting started. And I think that, that gives us an opportunity for things with, for instance, Tock to say, hey, as you're setting up in your restaurant, you're setting up -- you're producing a website for an event, consider plugging in this system versus something else that integrates better, et cetera, et cetera, as you're getting your client set up.

我想幫助他們配備的另一件事是，我們有成千上萬的人在 Squarespace 上放置網站，這意味著他們在開始時就在企業面前。而且我認為，這給了我們一個機會，例如，托克說，嘿，當你在你的餐廳裡設置時，你正在設置——你正在為一個活動製作一個網站，考慮插入這個系統而不是其他集成更好的系統，等等，等等，因為你正在設置你的客戶端。

So that puts us in a great spot. And it's one that if you were, for instance, Tock standalone, you really wouldn't be in front of because you don't have tens of thousands of people in front of small businesses that are right there when they're getting set up.

所以這讓我們處於一個很好的位置。例如，如果你是獨立的 Tock，你真的不會在前面，因為你沒有成千上萬的人在小企業面前，而這些小企業在成立時就在那裡.

So Circle remains really important to us. Excited about the referral program rolling out more broadly now as opposed to us just testing it locally. And I'm excited about equipping the Circle members to help really introduce their clients to our broader range of services. They can show much more. They can sell them on Squarespace right now than they could 3, 4, 5 years ago. It's just a completely different product portfolio.

所以 Circle 對我們來說仍然非常重要。對現在更廣泛地推出推薦計劃感到興奮，而不是我們只是在本地進行測試。我很高興能夠讓 Circle 成員真正幫助他們向客戶介紹我們更廣泛的服務。他們可以展示更多。他們現在可以在 Squarespace 上出售它們，而不是 3、4、5 年前。這只是一個完全不同的產品組合。

Got it. Got it. Really appreciate the color on the cross-sell opportunity. And Marcela, I just wanted to just take a quick cut at just leverage. Looks like a lot more profitable this quarter. I guess how much of that might be short term in nature? Perhaps you guys dialed back on marketing with the funnel looking a little softer. Labor shortages, as you mentioned, maybe put a dampener on hiring ramp. Is that -- is the number we saw in Q3 and how you're guiding Q4 kind of the right number to build off of? Or should we expect that there maybe is a little bit of pent-up demand and kind of the cost might flow back in a more meaningful way once some of this macro stuff clears?

知道了。知道了。真的很欣賞交叉銷售機會的顏色。還有 Marcela，我只是想在槓桿作用下快速削減。本季度似乎更有利可圖。我猜這其中有多少可能是短期的？也許你們在漏斗看起來更柔和的情況下重新開始營銷。正如你所提到的，勞動力短缺可能會阻礙招聘。那是我們在第三季度看到的數字以及您如何指導第四季度建立正確的數字嗎？或者我們是否應該期望一旦這些宏觀因素得到清除，可能會有一點被壓抑的需求，並且某種成本可能會以更有意義的方式回流？

Ken, we had a little bit of a shift of spend from Q3 to Q4 and mostly related to hiring, right, and the hiring piece. But other than that, I mean, we have been pretty aligned on the rest of the expenses with what we had expected originally.

肯，我們從第三季度到第四季度的支出發生了一些變化，主要與招聘有關，對，還有招聘部分。但除此之外，我的意思是，我們在其餘費用上與我們最初的預期非常一致。

Next, we have Brad Erickson, Brad from RBC Capital Markets.

接下來，我們有來自加拿大皇家銀行資本市場的布拉德·埃里克森 (Brad Erickson)。

I want to come back to the net sub adds. It sounds like things improved in September and then again a bit in October. So I guess the question is as we kind of try and dimensionalize the net add levels going forward, are we -- would you say it's fair to say we're approaching, say, COVID levels once again after that sort of summertime seasonal slowdown? I mean if you look at it, you just did more in Q3 than Q1 but less than Q2. So just trying to get a sense of any sort of base line run rate you're seeing and expecting in terms of net sub adds as we look forward, hopefully, beyond COVID and obviously, what's baked into the guidance? And then I have a follow-up.

我想回到網子補充道。聽起來情況在 9 月份有所改善，然後在 10 月份又有所改善。所以我想問題是，當我們嘗試對未來的淨增加水平進行維度化時，我們是否 - 你會說我們正在接近，比如說，在那種夏季季節性放緩之後再次接近 COVID 水平嗎？我的意思是，如果你看一下，你在第三季度的表現比第一季度多，但比第二季度少。因此，只是試圖了解您在淨子添加方面看到和期望的任何類型的基線運行率，因為我們期待，希望超越 COVID，顯然，指導中包含了什麼？然後我有一個跟進。

Thanks for the question. Actually, what we have seen is that we have accelerated the pace of new unique subscriptions compared to 2019 for the last couple of quarters. So I mean in terms of seasonality, we are considering that we are going to go back to a little bit of what it was in 2019 in terms of seasonality, but definitely not the pace of the growth compared to 2019 because we believe that we are going to grow unique subscriptions faster than what we did in 2019.

謝謝你的問題。實際上，我們所看到的是，與過去幾個季度的 2019 年相比，我們加快了新的獨特訂閱的步伐。所以我的意思是就季節性而言，我們正在考慮在季節性方面我們將回到 2019 年的一點點，但絕對不是與 2019 年相比的增長速度，因為我們相信我們是將比我們在 2019 年更快地增長獨特的訂閱。

That's very helpful. And then just a follow-up. We may have missed it in the filing or the presentation, but can you give us Tock's contribution to revenue in the quarter, please?

這很有幫助。然後只是跟進。我們可能在文件或演示文稿中錯過了它，但請您給我們 Tock 在本季度對收入的貢獻，好嗎？

Well, I mean, we have reported the growth. So I think you can determine that from the previous figures that we have reported and the current organic versus inorganic growth. Organically, we grew 34% year-over-year, and total growth has been 55%.

好吧，我的意思是，我們已經報告了增長。因此，我認為您可以根據我們之前報告的數據以及當前的有機增長與無機增長來確定這一點。有機地，我們同比增長 34%，總增長率為 55%。

Next question comes from Aaron Kessler from Raymond James. This is the last question.

下一個問題來自 Raymond James 的 Aaron Kessler。這是最後一個問題。

Maybe just on -- the question has been asked, but maybe on marketing tools. Can you talk about maybe what's in the road map maybe for additional marketing solutions for SMBs and then just maybe just the timing of kind of some of your local language rollouts as well?

也許就在——這個問題已經被問到了，但也許是關於營銷工具的。您能否談談路線圖中的內容，可能是針對 SMB 的其他營銷解決方案，然後可能只是您的一些本地語言推出的時間安排？

Aaron, sorry, you sounded very choppy. So you are asking about marketing tools?

亞倫，對不起，你聽起來很波濤洶湧。所以你問的是營銷工具？

Yes. Maybe additional marketing solutions you're thinking that you could be rolling out for your clients and kind of the traction with some of your key marketing tools today.

是的。也許您認為您可以為您的客戶推出其他營銷解決方案，並通過您今天的一些關鍵營銷工具獲得某種牽引力。

Yes. So right now, the marketing tools portfolio consists of Video Studio, what we're helping with in SEO, e-mail campaigns, those sorts of things. We haven't talked about exactly what's coming up on the road map next, but it's sort of things that are going to be kind of in that vein for small businesses.

是的。所以現在，營銷工具組合包括 Video Studio、我們在 SEO、電子郵件活動等方面提供的幫助。我們還沒有確切地討論下一步路線圖上會出現什麼，但對於小企業來說，這將是一種類似的事情。

Got it. Great. And just any update on kind of the timing of some of the local language rollouts as well?

知道了。偉大的。還有關於某些本地語言推出時間的任何更新嗎？

Marcela, correct if I'm wrong, but Norwegian and Danish in the first half next year. Those are the next ones on the queue. And then also, no specific timing on it, but [SEPA] will happen at some point soon. And that will help us in regions that expect that.

Marcela，如果我錯了，請糾正，但明年上半年是挪威語和丹麥語。這些是隊列中的下一個。此外，沒有具體的時間安排，但 [SEPA] 很快就會發生。這將幫助我們在期望的地區。

And it seems we have time for one more question. Next would be Matt Pfau from William Blair.

看來我們還有時間再問一個問題。接下來是威廉布萊爾的馬特普福。

Just wanted to ask a couple of clarifications on the comments around Tock. And specifically, what drove the mix of less payments with the diners being up? And then the labor impact, how do we think about that? Is it just lower capacity at the restaurants because of the labor issues? Is that the main impact? Or is there something else there to think about?

只是想對有關 Tock 的評論進行一些澄清。具體來說，是什麼推動了用餐者增加付款的減少？然後是勞動力影響，我們如何看待這個問題？只是因為勞動力問題，餐廳的容量降低了嗎？這是主要影響嗎？或者還有什麼需要考慮的？

Sure. Thanks for the question. I'll give a couple of remarks on each. So first off, during the pandemic, Tock started as a business that was basically centered around diners buying experiences in restaurants in that reservation system. Obviously, that went to almost nothing as the pandemic rolled around and lockdowns occurred. And they launched a to-go ordering business so that those businesses could thrive during that time. And actually, that was really, really, really well received. And a lot of businesses use that.

當然。謝謝你的問題。我將就每個問題發表一些評論。因此，首先，在大流行期間，Tock 最初是一家基本上以食客在該預訂系統中購買餐廳體驗為中心的企業。顯然，隨著大流行的蔓延和封鎖的發生，這幾乎一無所獲。他們推出了外賣訂購業務，以便這些業務在此期間蓬勃發展。實際上，這真的，真的，真的很受歡迎。很多企業都在使用它。

But to-go business has a different margin profile than the bookings-based business. And over the past 2 quarters, as people have really started to return to restaurants, Marcela noted earlier that it was a record quarter for Tock and people eating in those restaurants. That revenue shift is mixed -- has shifted back more to being in-person versus to-go.

但外賣業務與基於預訂的業務具有不同的利潤率。在過去的兩個季度中，隨著人們真正開始重返餐廳，Marcela 早些時候指出，對於 Tock 和在這些餐廳用餐的人來說，這是一個創紀錄的季度。這種收入轉變是喜憂參半的——更多地轉向面對面而不是外出。

And so we have a number of things we're looking at there to address that. But it's -- activity on the platform is very, very high. Tons of attention on it, and we'll just keep adapting as we see those trends kind of move back and forth. But the good thing is we have both those revenue streams on the platform. So we'll be able to capture demand off of both.

因此，我們正在研究許多事情來解決這個問題。但它 - 平台上的活動非常非常高。對它的大量關注，當我們看到這些趨勢來回移動時，我們將繼續適應。但好消息是我們在平台上擁有這兩種收入來源。因此，我們將能夠從兩者中獲取需求。

When we were talking about labor shortages and supply chain issues and how that affects hospitality, well, first off, with the supply chain issues, restaurants may not be able to open for 1 or 2 reasons. One, the cost of goods or their ability to access just the raw materials they need to serve customers is impacted by all of this. And if you're in that world, shifting your payment -- your reservation system is probably not at the top of the list of things that you want to pursue right now.

當我們談論勞動力短缺和供應鏈問題以及這如何影響酒店業時，首先，由於供應鏈問題，餐廳可能無法營業，原因可能有 1 或 2 個。第一，商品成本或他們獲得為客戶服務所需的原材料的能力受到所有這些影響。如果你在那個世界裡，改變你的付款方式——你的預訂系統可能不在你現在想要追求的事情列表的首位。

Also, with labor shortages, that's also affecting their ability to open. And if they can open, they might not be able to open at full capacity. And so all of that is kind of happening and swirling behind the scenes as we move forward.

此外，由於勞動力短缺，這也影響了他們的開業能力。如果他們可以打開，他們可能無法滿負荷打開。因此，隨著我們前進，所有這些都在幕後發生和旋轉。

But we're still very optimistic about the future with Tock because, again, just the amount of activity on the platform, the amount of diners using the system, the versatility of the system, the ability to apply it to other time-slotted businesses like events, it's stuff that we're really excited to do. And again, as we move into next year, Tock has its own road map that's really exciting from a product standpoint. And it's going to be a great 2022 with them.

但我們仍然對 Tock 的未來非常樂觀，因為平台上的活動量、使用系統的用餐者數量、系統的多功能性以及將其應用於其他時間段業務的能力就像活動一樣，這是我們非常興奮的事情。再一次，隨著我們進入明年，Tock 有自己的路線圖，從產品的角度來看，這真的很令人興奮。與他們一起度過美好的 2022 年。

With that, I will hand back to the management team for closing remarks.

有了這個，我將交還給管理團隊做結束語。

Thank you, everybody, for joining the call and for the super insightful questions. Look, we -- when I look at the business and I think about how we're situated, I have never been more confident in how we are positioned because, again, and we've touched upon it on this call, it is not just that Squarespace is dependent on one single revenue stream. It is not just e-commerce. It's not just websites. It's not just domains. It's not just scheduling. It's not just hospitality. We're able to address all of those in one platform. And it leads to these interesting scenarios, right, where these macro events are going to impact one in a different way it impacts the other. But look, commerce as a percentage of revenue is higher than ever within the company, and we're going to see that continue.

謝謝大家加入電話會議並提出非常有見地的問題。看，我們——當我審視業務並考慮我們的定位時，我從未對我們的定位更有信心，因為我們在這次電話會議上再次談到了它，它不是只是 Squarespace 依賴於一個單一的收入來源。這不僅僅是電子商務。這不僅僅是網站。這不僅僅是域。這不僅僅是調度。這不僅僅是款待。我們能夠在一個平台上解決所有這些問題。它導致了這些有趣的場景，對，這些宏觀事件將以不同的方式影響一個，它會影響另一個。但是看，在公司內部，商業佔收入的百分比比以往任何時候都要高，我們將看到這種情況繼續下去。

So looking forward to an exciting 2022, and we will see many of you later and all of you soon. And also, just a reminder that we have an Investor Day coming up next week on November 18, and looking forward to seeing many of you there. It will give us the opportunity to really dive into the -- our models a little bit more and to help further the story. Thank you.

因此，期待激動人心的 2022 年，我們稍後會見到你們中的許多人，很快就會見到你們所有人。另外，提醒一下我們下週將於 11 月 18 日舉行投資者日，並期待與你們中的許多人見面。這將使我們有機會真正深入了解我們的模型，並幫助進一步推進故事。謝謝你。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。