Squarespace Inc (SQSP) 2022 Q2 法說會逐字稿

Good morning. My name is Charlie and I'll be your conference operator today. At this time, I'd like to welcome everyone to Squarespace's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) I'll now hand the call over to your host, Robert Sanders, Head of Investor Relations at Squarespace. Robert, please go ahead.

早上好。我的名字是查理，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 2022 年第二季度收益電話會議。 （操作員說明）我現在將電話轉給您的主持人，Squarespace 投資者關係主管羅伯特桑德斯。羅伯特，請繼續。

Good morning. Thank you for joining us. Robert Sanders, Head of Investor Relations. With me on the call today, Anthony Casalena, Squarespace Founder and CEO; and Marcela Martin, our CFO. They will share some opening remarks and then open the call to your questions.

早上好。感謝您加入我們。投資者關係主管羅伯特·桑德斯。 Squarespace 創始人兼首席執行官 Anthony Casalena 今天與我通話；和我們的首席財務官 Marcela Martin。他們將分享一些開場白，然後打開電話詢問您的問題。

Earlier today, we issued a press release and posted a shareholder letter in the Investor Relations section of our website with additional information related to our Q2 results.

今天早些時候，我們發布了一份新聞稿，並在我們網站的投資者關係部分發布了一封股東信函，其中包含與我們第二季度業績相關的更多信息。

On today's call, we will be referring to both GAAP and non-GAAP financial results and operating metrics. You can find additional information on how we calculate these metrics, including a reconciliation of GAAP to non-GAAP measures in today's press release. These measures should not be considered in isolation from or a substitute for our GAAP results.

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這些指標的更多信息，包括 GAAP 與非 GAAP 指標的對賬。這些措施不應與我們的公認會計原則結果隔離或替代。

We will make 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, statements relating to our future financial performance. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks are further defined in our most recent filings with the Securities and Exchange Commission.

我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述，包括但不限於與我們未來財務業績相關的陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致我們的實際結果出現重大差異。這些風險在我們最近提交給證券交易委員會的文件中得到了進一步的定義。

Any forward-looking statements that we make on this call are based on assumptions as of this day, July 25, 2022. We undertake no obligation to update these statements as a result of new information or future events, except where required by law.

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 2022 年 7 月 25 日這一天的假設。除法律要求外，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。

Good morning. I hope everyone had the opportunity to read our shareholder letter issued this morning, which is available on our Investor Relations website. It brings to light the topics we will discuss on this call.

早上好。我希望每個人都有機會閱讀我們今天早上發出的股東信，該信可在我們的投資者關係網站上找到。它揭示了我們將在本次電話會議上討論的主題。

Squarespace benefits from 4.2 million unique subscriptions on our platform. As we think about the massive market opportunity in front of us, it's imperative that we continue to invest in our platform to remain a leader in the areas we operate. We will continue to develop new tools and refine our existing platform to help the next generation of creatives and entrepreneurs build a brand and transact with their customers online.

Squarespace 受益於我們平台上的 420 萬個獨特訂閱。當我們考慮擺在我們面前的巨大市場機會時，我們必須繼續投資於我們的平台，以保持我們運營領域的領導地位。我們將繼續開發新工具並完善我們現有的平台，以幫助下一代創意人和企業家建立品牌並與他們的客戶進行在線交易。

This quarter, we delivered a fundamental upgrade to the core part of Squarespace's content management system. This new design system called Fluid Engine lets us push forward a platform that is both more usable and expressive than our previous system. This benefits both our users who are just getting started and not familiar with web development as well as our professional circle members who will find that the platform lets them do even more without resorting to custom code or complex tools.

本季度，我們對 Squarespace 內容管理系統的核心部分進行了根本性升級。這個名為 Fluid Engine 的新設計系統讓我們能夠推動一個比我們以前的系統更實用、更具表現力的平台。這對我們剛剛開始並且不熟悉 Web 開發的用戶以及我們的專業圈子成員都有好處，他們會發現該平台可以讓他們在不訴諸自定義代碼或複雜工具的情況下做更多事情。

Fluid Engine is currently live to all customers using our 7.1 platform and anyone signing up for Squarespace today. We have some great demo videos and more up on our homepage for anyone interested.

Fluid Engine 目前面向使用我們 7.1 平台的所有客戶以及今天註冊 Squarespace 的任何人開放。我們的主頁上有一些很棒的演示視頻和更多內容，供感興趣的人使用。

To enable the billions of transactions of all types we envision on our platform, we also are investing in an integrated payment solution, Squarespace Payments. We look forward to sharing more in future calls about the opportunities we see, enabling our customers to transact in more ways and in more places on our platform.

為了在我們的平台上實現我們設想的所有類型的數十億筆交易，我們還在投資集成支付解決方案 Squarespace Payments。我們期待在未來的電話會議中分享更多關於我們看到的機會，使我們的客戶能夠在我們的平台上以更多方式和更多地方進行交易。

Momentum around Tock, our unique solution for hospitality and time-slotted businesses, continues to build, and we're making significant investments to support Tock's future growth. We launched a new global brand campaign, Delicious Starts Here, to showcase the range of businesses using Tock's platform. The campaign includes strategic advertising across digital, print and partnership channels.

圍繞 Tock 的勢頭，我們針對酒店和分時業務的獨特解決方案，繼續建立，我們正在進行大量投資以支持 Tock 的未來增長。我們推出了一項新的全球品牌活動，美味從這裡開始，以展示使用 Tock 平台的業務範圍。該活動包括跨數字、印刷和合作渠道的戰略廣告。

Tock is also beginning to draw large enterprise hotel groups as clients and is expanding to hospitality groups with hundreds of locations because of the ROI it presents and the ability for those groups to own the relationship to their end customer. It's been a bit over a year since our direct listing. One reason we chose a direct listing versus a traditional IPO was because we are cash-generative and did not need to raise primary capital, but rather wanted to diverse -- rather wanted our diverse stakeholders to have the ability to transact in the public markets.

Tock 還開始吸引大型企業酒店集團作為客戶，並正在擴展到擁有數百個地點的酒店集團，因為它提供的投資回報率以及這些集團擁有與最終客戶的關係的能力。從我們直接上市到現在已經一年多了。我們選擇直接上市而不是傳統 IPO 的一個原因是因為我們可以產生現金並且不需要籌集初級資本，而是希望多元化——希望我們多元化的利益相關者能夠在公開市場上進行交易。

Our public listing also enables us to return the cash we generate to shareholders in the form of share buybacks. I'm delighted to report that under our $200 million repurchase program, we bought over 1.5 million shares at an average price of $20.73 per share through the end of the second quarter.

我們的公開上市還使我們能夠以股票回購的形式將我們產生的現金返還給股東。我很高興地報告，根據我們 2 億美元的回購計劃，截至第二季度末，我們以每股 20.73 美元的平均價格購買了超過 150 萬股股票。

Our CFO search is underway, and we've met with a number of quality candidates. In the interim period, I'm confident in our finance leadership, our finance leadership's team ability to execute. Marcela was gracious enough to join us for one more call before her departure. Please join me again in thanking her for her work at Squarespace.

我們正在尋找首席財務官，我們遇到了許多優秀的候選人。在過渡期間，我對我們的財務領導層、財務領導層的團隊執行能力充滿信心。 Marcela 非常客氣，在她離開前加入了我們的電話。請再次和我一起感謝她在 Squarespace 所做的工作。

Recently, economists' reports in the press have forewarn of an economic slowdown. While no 2 recessions are necessarily equivalent, Squarespace has historically fared well during times when individuals are seeking lower cost alternatives to custom web development. Squarespace will continue to operate by balancing revenue growth with strong cash flow as we move throughout this period.

最近，經濟學家在報刊上的報導已經預告了經濟放緩。雖然沒有 2 次衰退必然是相同的，但 Squarespace 在歷史上在個人尋求定制 Web 開發的低成本替代方案時表現良好。在此期間，Squarespace 將通過平衡收入增長和強勁的現金流來繼續運營。

Finally, I'd like to thank all of our employees who work tirelessly to provide our customers and deliver innovations that underpin our future success.

最後，我要感謝我們所有的員工，他們孜孜不倦地為我們的客戶提供服務，並提供支持我們未來成功的創新。

Now I'd like to turn the call over to Marcela to take you through the financials.

現在，我想將電話轉給 Marcela，讓您了解財務狀況。

Good morning, everyone, and thank you for being here today. I will talk about some of the highlights of the second quarter's performance and provide further details on guidance for the rest of the year.

大家早上好，感謝你們今天來到這裡。我將討論第二季度業績的一些亮點，並提供有關今年剩餘時間指導的更多細節。

We executed well as we delivered revenue ahead of our estimated high end of guidance when adjusted for the impact of the stronger dollar versus what we had originally anticipated. Revenue of $213 million grew 9% year-over-year as reported and 12% on a constant currency basis.

我們執行得很好，因為我們在根據美元走強對我們最初預期的影響進行調整後的收入超過了我們估計的高端指引。據報告，收入為 2.13 億美元，同比增長 9%，按固定匯率計算增長 12%。

Breaking revenue further down, presence grew 11%, and commerce grew 15% year-over-year in constant currency. These results were driven by new unique subscriptions and strong customer retention across our base. Our business model and relentless focus on cash flow and profitability have driven unlevered free cash flow to $36 million in the quarter, representing a 17% unlevered free cash flow margin and adjusted EBITDA to $44 million and 21% margin. Overall, we are pleased with our performance in the second quarter as we continue to execute towards our plans.

收入進一步下降，按固定匯率計算，業務增長 11%，商業同比增長 15%。這些結果是由新的獨特訂閱和我們基礎的強大客戶保留推動的。我們的商業模式和對現金流和盈利能力的不懈關注推動本季度無槓桿自由現金流達到 3600 萬美元，代表 17% 的無槓桿自由現金流利潤率和調整後的 EBITDA 至 4400 萬美元和 21% 的利潤率。總體而言，隨著我們繼續執行我們的計劃，我們對第二季度的表現感到滿意。

There are a few specific items that I would like to unpack this quarter. The first item is on net new subscriptions. New subscriptions for websites and domains were ahead of our own internal forecast as we had stronger-than-expected months of May and June, further expanding our loyal customer base of 4.2 million unique subscription.

本季度我想解開一些具體的項目。第一項是關於淨新訂閱。網站和域名的新訂閱量超過了我們自己的內部預測，因為我們在 5 月和 6 月的月份表現強於預期，進一步擴大了我們 420 萬唯一訂閱的忠實客戶群。

This quarter is impacted by a 2021 COVID quarter of the strong growth comparison and weak new business formations, overall as we had anticipated in our Q1 guidance. The most impacted product was Unfold, which has the lowest average revenue per unit subscription. The light net new Unfold subscription are the results of the shift of social media trends, resulting in a general decline in the total category in the main platforms where Unfold is distributed.

本季度受到 2021 年 COVID 季度的強勁增長比較和疲軟的新業務形成的影響，總體而言，正如我們在第一季度指導中所預期的那樣。受影響最大的產品是 Unfold，它的每單位訂閱平均收入最低。輕網新Unfold訂閱是社交媒體趨勢轉變的結果，導致Unfold分佈的主要平台總類別普遍下降。

We are incredibly encouraged by the Unfold's team pace of innovation. We continue to deliver new products and features to position Unfold as an essential tool for creators on social media. We are especially encouraged by developments in Unfold's Bio Sites functionality, which lets our customers create simple websites for their social profiles.

Unfold 團隊的創新步伐讓我們深受鼓舞。我們將繼續提供新產品和新功能，將 Unfold 定位為社交媒體創作者的必備工具。我們對 Unfold 的 Bio Sites 功能的發展感到特別鼓舞，它讓我們的客戶可以為他們的社交資料創建簡單的網站。

The second item relates to the increase in customer acquisition cost per unique subscription. Our overall marketing spend includes investments in our core business and investments in newer revenue streams such as Tock, international expansion and enterprise. These businesses are at different maturity and development level versus our core business.

第二項與每個獨特訂閱的客戶獲取成本增加有關。我們的整體營銷支出包括對核心業務的投資以及對 Tock、國際擴張和企業等新收入來源的投資。這些業務與我們的核心業務處於不同的成熟度和發展水平。

At the beginning of the year, we talked about the increased marketing, research and development investments that we are deploying at Tock. These marketing expenses have an impact on the calculation of acquisition costs, though these are not measured through the number of subscriptions that we acquire as they mostly relate to marketing directed to consumers.

今年年初，我們談到了我們在 Tock 部署的增加的營銷、研發投資。這些營銷費用對獲取成本的計算有影響，儘管這些費用不是通過我們獲得的訂閱數量來衡量的，因為它們主要與針對消費者的營銷有關。

We are quite pleased with how the business performed so far and the speed of launching new features and products, which have proved so far the return on investment that we had expected. We are continually updating our attribution model to evaluate our marketing spend and ensure that we are investing wisely.

我們對迄今為止的業務表現以及推出新功能和產品的速度感到非常滿意，這證明了迄今為止我們預期的投資回報。我們不斷更新我們的歸因模型，以評估我們的營銷支出並確保我們進行明智的投資。

We expect to leverage marketing expenses further in the future though not at the cost of nurturing new revenue streams for our business. Our history of strong cash retention, rising average revenue per unit subscription and growing customer LTV provide us with that confidence.

我們預計未來將進一步利用營銷費用，但不會以為我們的業務培育新的收入來源為代價。我們強大的現金保留、每單位訂閱的平均收入不斷增長以及客戶 LTV 不斷增長的歷史為我們提供了這種信心。

The third item relates to spending in a recessionary environment. At the beginning of the year, we took a conservative approach related to our overall spend, and these allows us to deliver strong cash flow margins in the last 2 quarters while also repurchasing shares.

第三項與衰退環境下的支出有關。今年年初，我們對整體支出採取了保守的方法，這使我們能夠在過去兩個季度提供強勁的現金流利潤率，同時還可以回購股票。

We continue to pay close attention to macroeconomic headwinds, and we will adjust expenses accordingly. We believe that our company is well positioned to continue to deliver revenue growth and profitability even in a recession in part because we believe that we offer our customers a low-cost solution to maintain a digital presence, both for their business and online presence.

我們繼續密切關注宏觀經濟逆風，我們將相應調整費用。我們相信，即使在經濟衰退的情況下，我們公司也有能力繼續實現收入增長和盈利能力，部分原因是我們相信我們為客戶提供了一種低成本的解決方案，以維持他們的業務和在線業務的數字化存在。

We provide essential web tools and sites for people looking to launch the business, transact with their customers or promote themselves online. More than 90% of our revenue is subscription-based, and about 70% of the new additions typically pay for annual plan.

我們為希望開展業務、與客戶進行交易或在線推廣自己的人們提供必要的網絡工具和網站。我們 90% 以上的收入是基於訂閱的，大約 70% 的新增收入通常用於支付年度計劃。

The fourth item relates to FX headwind, which had an impact on our actual results and on our full year guidance as I will explain a little bit later. Besides the impact that we have shown in revenues, bookings of $220 million resulted in a 6% year-over-year growth but 10% in constant currency.

第四個項目與外匯逆風有關，這對我們的實際結果和我們的全年指導產生了影響，我稍後會解釋。除了我們在收入方面表現出的影響外，2.2 億美元的預訂量導致同比增長 6%，但按固定匯率計算則增長了 10%。

Also, we reached $838 million on annual run rate revenue, growing at 8% year-over-year as reported. But because we calculate our annual run rate revenue using received in the final month of the period, in this case, June times 12, the large FX movements we witnessed in June had an outside impact on this calculation.

此外，據報導，我們的年運營收入達到 8.38 億美元，同比增長 8%。但是因為我們使用該期間最後一個月的收入來計算我們的年運行率收入，在這種情況下，6 月乘以 12，我們在 6 月看到的大的外匯變動對這個計算產生了外部影響。

Our balance sheet is strong and ensures that we have the resources to execute our strategies. As of June 30, cash and marketable securities totaled $247.3 million, bolstered by strong cash generation in the period, allowing us to return over $35 million in share buybacks to our shareholders as Anthony noted in his remarks.

我們的資產負債表很強大，並確保我們有資源來執行我們的戰略。截至 6 月 30 日，現金和有價證券總額為 2.473 億美元，這得益於該期間強勁的現金產生，使我們能夠向股東返還超過 3500 萬美元的股票回購，正如安東尼在講話中指出的那樣。

Turning now to some further details on guidance. Today, we update our guidance only to reflect changes in foreign exchange rates since we last offered guidance in May as our business remains on track to deliver on our prior guidance, excluding FX impact.

現在轉向有關指導的更多細節。今天，我們僅更新我們的指引以反映自我們上次於 5 月提供指引以來的外匯匯率變化，因為我們的業務仍有望實現我們之前的指引，不包括外匯影響。

We reduced the high end of our full year guided range for revenue by $12 million or 1.4% due to our exposure to sales in foreign currency. Our outlook for profitability remains unchanged as we continue to drive towards a full year free cash flow margin -- unlevered free cash flow margin of 18.7% at the midpoint of our guidance.

由於我們的外匯銷售敞口，我們將全年收入指導範圍的高端降低了 1200 萬美元或 1.4%。我們的盈利前景保持不變，因為我們繼續朝著全年自由現金流量利潤率邁進——在我們指導的中點，無槓桿自由現金流量利潤率為 18.7%。

For the third quarter of 2022, we expect revenue to be in the range of $213 million to $218 million, representing a year-over-year growth range of 6% to 8% versus Q3 2021. We anticipate unlevered free cash flow in the range of $33.7 million to $38.7 million, which implies an unlevered free cash flow margin of 16.8% at the midpoint of our guided range.

對於 2022 年第三季度，我們預計收入將在 2.13 億美元至 2.18 億美元之間，與 2021 年第三季度相比，同比增長范圍為 6% 至 8%。我們預計該範圍內的無槓桿自由現金流3370 萬美元至 3870 萬美元，這意味著在我們指導範圍的中點處的無槓桿自由現金流利潤率為 16.8%。

For the full year 2022, we expect revenue to be in the range of $857 million to $867 million, representing a year-over-year growth range of 9% to 11%. We anticipate unlevered free cash flow in the range of $156.5 million to $166.5 million.

對於 2022 年全年，我們預計收入將在 8.57 億美元至 8.67 億美元之間，同比增長 9% 至 11%。我們預計無槓桿自由現金流在 1.565 億美元至 1.665 億美元之間。

In Q1, we outlined our expectations for non-GAAP operating expenses in 2022. We are executing well against our prior comments and expect our non-GAAP expenses ratio to remain within the following ranges. Gross margin at our current level, so no changes to report.

在第一季度，我們概述了我們對 2022 年非 GAAP 運營費用的預期。與我們之前的評論相比，我們的執行情況良好，並預計我們的非 GAAP 費用比率將保持在以下範圍內。毛利率處於我們目前的水平，因此無需報告任何變化。

Previously, we noted expectations of marketing and sales expenses at a range between 32% to 35%. We now believe we will hit the high end of the range because of the exposure that we have to foreign currencies. While we are expanding our international presence with entities in Australia, U.K., Netherlands, expenses denominated in foreign currencies are still lower than the revenues that we generate outside the U.S.

此前，我們注意到營銷和銷售費用的預期在 32% 至 35% 之間。我們現在認為，由於我們對外彙的敞口，我們將達到該範圍的高端。雖然我們正在擴大與澳大利亞、英國、荷蘭實體的國際業務，但以外幣計價的費用仍低於我們在美國以外產生的收入。

Research and development to be at a range between 20% to 25%, and G&A at approximately 11% of revenue. Our second quarter performance brings us closer to these full year projections as we deliver industry-best operating performance.

研發佔收入的 20% 至 25%，而 G&A 佔收入的約 11%。我們的第二季度業績使我們更接近這些全年預測，因為我們提供了行業最佳的運營業績。

I've had the pleasure of leading the Squarespace finance team since I joined in 2020. In the interim period before a new CFO begins, I feel confident that the highly qualified leaders from the finance team will continue to support the business relative to their areas of expertise.

自 2020 年加入 Squarespace 以來，我有幸領導 Squarespace 財務團隊。在新 CFO 開始之前的過渡時期，我相信財務團隊的高素質領導將繼續支持與其所在領域相關的業務的專業知識。

And now we would like to open the line to your questions.

現在我們想打開您的問題的電話。

(Operator Instructions) Our first question comes from Trevor Young of Barclays.

（操作員說明）我們的第一個問題來自巴克萊的 Trevor Young。

Great. First one, based on that 3Q guide and what that implies for 4Q, it looks like you're assuming a modest uptick, call it, like 8% to 10% year-on-year revenue growth versus 8% at the high end for 3Q. Can you just help us understand what's informing that uptick? Is there something that you see today that's giving you more confidence later in the year? Is it just some of the pricing initiatives you started with new subs earlier in the year and pricing for existing subs in the back half of the year? That's the first question.

偉大的。第一個，根據 3Q 指南以及這對 4Q 意味著什麼，看起來你正在假設一個適度的增長，稱之為同比收入增長 8% 到 10%，而高端為 8% 3Q。你能不能幫助我們了解是什麼導致了這種上升？你今天看到的有沒有讓你在今年晚些時候更有信心的事情？這只是您在今年早些時候對新潛艇開始的一些定價舉措以及在今年下半年對現有潛艇進行定價的一些舉措嗎？這是第一個問題。

Thanks, Trevor, for the question. Yes, we have -- we are assuming that our GMV trends are going to perform higher than Q2, and that is mainly related to seasonality. And of course, Q3 is suffering as Q4 from the impact of the FX headwinds overall.

謝謝特雷弗的問題。是的，我們有——我們假設我們的 GMV 趨勢將高於第二季度，這主要與季節性有關。當然，第三季度與第四季度一樣受到整體外匯逆風的影響。

We also talked in the past about our pricing initiatives that are underway with regards to legacy customers and later in the year, bundling, which we are excited about the work that we have been doing there. And we expect to release some further news probably in Q3, Q4.

過去，我們還談到了針對傳統客戶正在進行的定價計劃，以及今年晚些時候的捆綁銷售，我們對我們在那裡所做的工作感到興奮。我們預計可能會在第三季度、第四季度發布一些進一步的消息。

Great. And then just a separate one on that bookings growth, the nearly 9-point decel, maybe a little bit less FX while customers were maybe flattish or down a tad Q-on-Q and GMV was also down. Was all that kind of consistent with your expectations? We're just trying to reconcile those trends in the commentary in the letter that the lower full year revenue guide was really FX-based rather than a change in the business fundamentals and growth trajectory.

偉大的。然後只是一個單獨的預訂增長，近 9 個百分點的減速，外匯可能會減少一點，而客戶可能持平或 Q-on-Q 略有下降，GMV 也下降了。所有這些都符合你的期望嗎？我們只是試圖在信中的評論中調和這些趨勢，即較低的全年收入指南實際上是基於外彙的，而不是業務基本面和增長軌蹟的變化。

Yes. Thank you again for the question. As the business continues to grow, bookings will become a less relevant metric because the transactional portion of the business is growing faster than the rest of the business.

是的。再次感謝您的提問。隨著業務的持續增長，預訂量將成為一個不太相關的指標，因為業務的交易部分的增長速度快於業務的其他部分。

What we are expecting, and this is something that we have already outlined in the full year guidance in Q1 much earlier on, it's also the growth of Tock. So as the business continues to grow because Tock, the vast majority of the business relates to payment, you can expect that it's going to converge a little bit more, not fully, of course, because our business is still heavily relying on Tock. But for full year guidance, we have only taken into account the impact of exchange rate, which is about $12 million for the remaining of the year.

我們所期待的，這是我們早在第一季度的全年指導中已經概述的內容，這也是 Tock 的增長。因此，隨著業務繼續增長，因為 Tock，絕大多數業務都與支付有關，你可以預期它會更多地融合，而不是完全融合，當然，因為我們的業務仍然嚴重依賴 Tock。但對於全年指導，我們只考慮了匯率的影響，今年剩餘時間約為 1200 萬美元。

Our next question comes from Matthew Pfau of William Blair.

我們的下一個問題來自 William Blair 的 Matthew Pfau。

I wanted to ask on the net additions in the quarter. You commented that they came in ahead of your expectations, and you saw some strength in May and June. Maybe just some more details on why those are coming in ahead of your expectations, and why May and June were stronger would be helpful.

我想詢問本季度的淨增加量。您評論說他們的到來超出了您的預期，並且您在 5 月和 6 月看到了一些實力。也許只是一些更多的細節，說明為什麼它們會超出你的預期，為什麼 5 月和 6 月會更強勁，這會有所幫助。

In any given month, it's sometimes a little bit hard to kind of tease out what was going on, especially considering the macroeconomic environment that surrounds us. But it's pleasing to see that those were a little bit ahead, while Unfold was kind of behind where we wanted it to be.

在任何給定的月份，有時都很難弄清楚發生了什麼，尤其是考慮到我們周圍的宏觀經濟環境。但令人高興的是，它們有點領先，而 Unfold 則落後於我們想要的位置。

Unfold's more global. I think the Russia situation affects it more, things like that. But the core business remains strong, and so we were just encouraged to see the positive reversion seasonality.

展開更加全球化。我認為俄羅斯的局勢對其影響更大，諸如此類。但核心業務仍然強勁，因此我們很高興看到積極的回歸季節性。

Great. And just a follow-up, how about any updated commentary around retention and churn? How did those trend in the quarter?

偉大的。只是跟進，關於保留和流失的任何更新評論如何？本季度的趨勢如何？

Yes, sure. We have not seen any changes in churn. Again, the impact that we have on the net new is mostly related to new. And with that, it's mostly related to Unfold.

是的，當然。我們沒有看到客戶流失的任何變化。同樣，我們對網絡 new 的影響主要與 new 有關。因此，它主要與展開有關。

And with regards to retention, cash retention, it's better than prior year. And we actually, as you know, we pay a lot of attention to the 2020 and the 2021 cohort to see how they behave compared to the previous cohorts.

就保留、現金保留而言，它比去年要好。實際上，如您所知，我們非常關注 2020 年和 2021 年的隊列，以了解他們與之前的隊列相比的表現。

So when you look at the 2020 cohort for -- at the end of the quarter, it performed better than the '20 -- sorry, it performed in line with 2019. But what it is exciting is that the 2021 cohort is actually performing better than the 2020 and the 2019 cohort at the same maturity level, right, for the whole year. So overall, we are pleased with our customer base and how well they retain as we continue to innovate with products and features and so on.

因此，當您查看 2020 年的隊列時——在本季度末，它的表現優於 20 年——抱歉，它的表現與 2019 年一致。但令人興奮的是，2021 年的隊列實際上表現更好與 2020 年和 2019 年相同成熟度水平的隊列相比，全年。因此，總體而言，我們對我們的客戶群以及他們在我們繼續創新產品和功能等方面的保留情況感到滿意。

Our next question comes from Raquel Betesh of JPMorgan.

我們的下一個問題來自摩根大通的 Raquel Betesh。

I know you guys spoke a little bit about the deceleration of Unfold this quarter, but presence revenue still accelerated quarter-over-quarter. So I'm curious what you guys saw performing well on the presence side of your business.

我知道你們談到了本季度 Unfold 的減速，但存在收入仍比上一季度增長。所以我很好奇你們在業務存在方面的表現如何。

Can you repeat the second part of that? It was a little soft in the line.

你能重複第二部分嗎？排隊有點軟。

Yes. Sorry about that. I'm curious what you saw performing well on the presence side of your business.

是的。對於那個很抱歉。我很好奇你看到在你的業務存在方面表現良好。

Versus [Unfold], I think it's very similar to the other -- what's that?

Versus [Unfold]，我認為它與另一個非常相似——那是什麼？

It's because of the lower ARPUS. So when you look at our combination of revenue streams, you have very, very high ARPUS businesses like Tock, where a subscription may cost you $600 to $700 a year with very low ARPUS or average revenue per unit subscription for Unfold.

這是因為ARPUS較低。因此，當您查看我們的收入流組合時，您會發現像 Tock 這樣的 ARPUS 業務非常非常高，訂閱費用可能每年 600 到 700 美元，而 ARPUS 或 Unfold 的每單位訂閱平均收入非常低。

And so while we have seen the net new for Unfold coming down, it did not have an impact overall on the revenue. And the other reason, of course, is our presence business continues to perform very strong, growing at 7% on a year-to-year -- year-over-year basis but 11% on a constant currency basis.

因此，雖然我們已經看到 Unfold 的淨新值下降，但它並沒有對整體收入產生影響。當然，另一個原因是我們的展示業務繼續表現非常強勁，同比增長 7% - 同比增長 11%，按固定匯率計算。

So the diversified portfolio of revenue streams that we have allow for that flexibility that one business may not be performing as expected. It may be compensated by the other businesses. But again, I mean, Unfold, it's a small -- it's a smaller revenue size overall. And it's a small -- very low ARPUS.

因此，我們擁有的多元化收入流組合允許一項業務可能無法按預期執行的靈活性。它可能由其他企業補償。但同樣，我的意思是，展開，它很小——整體收入規模較小。這是一個很小的——非常低的ARPUS。

But in terms of unique subscription, it has a significant impact when you look at that because, first of all, the base of customers that have Unfold is pretty large. And for the most part, there is a little -- there is not much attached yet between Unfold and website. So there's a lot of potential for growth there as well, particularly with Bio Sites.

但就獨特訂閱而言，它會產生重大影響，因為首先，擁有 Unfold 的客戶群相當大。在大多數情況下，有一點——Unfold 和網站之間還沒有太多的聯繫。所以那裡也有很大的增長潛力，尤其是在 Bio Sites 方面。

Yes. I just want to highlight one of the things. You were, I think, asking about what was going well in the presence business. And I mean, obviously, one of the highlights in the quarter that we point out is the launch of Fluid Engine, which is a core improvement to our content management system.

是的。我只想強調一件事。我認為，您是在詢問在場業務中的進展情況。我的意思是，顯然，我們指出的本季度的亮點之一是 Fluid Engine 的推出，這是我們內容管理系統的核心改進。

But those types of updates are happening really all the time behind the scenes in Squarespace across both presence and commerce. And so I'd like to think that we are not even close to finish innovating on the core platform. And I think that we really have an edge right now in terms of what we've got out there from a product perspective in the market.

但這些類型的更新實際上一直在 Squarespace 的幕後發生，無論是存在還是商業。所以我想我們甚至還沒有接近完成核心平台的創新。而且我認為，從市場產品的角度來看，我們現在確實擁有優勢。

Just one thing I want to clarify because I said Tock subscriptions, $600 a year. It's actually $600 a month. Apologies.

我只想澄清一件事，因為我說 Tock 訂閱，每年 600 美元。實際上是每月600美元。道歉。

Our next question comes from Ron Josey of Citi.

我們的下一個問題來自花旗的 Ron Josey。

I had 2, please. And maybe, Anthony, just to follow-up from a prior question around sub growth and why May and June were better than expected. I think the answer was ebbs and flows. But maybe can you just talk a little bit more? I think you mentioned macro in your prepared remarks, how you prepared for it? But is there anything that maybe stood out in May and June that were better? Was it maybe around Fluid? I know it just launched, but maybe that or marketing campaigns that might have driven better May and June.

我有2個，拜託。也許，安東尼，只是為了跟進之前關於次增長的問題以及為什麼 5 月和 6 月好於預期。我認為答案是潮起潮落。但也許你能多說一點嗎？我想你在準備好的評論中提到了宏，你是如何準備的？但是有什麼可能在 5 月和 6 月脫穎而出的更好的東西嗎？是不是圍繞流體？我知道它剛剛推出，但也許是那個或營銷活動可能會推動五月和六月更好。

And then lastly, on Fluid Engine, you just mentioned it, Anthony, but talk to us a little bit more about how web pros benefit from this in the process for just raising awareness among web pros for Fluid Engine.

最後，在 Fluid Engine 上，您剛剛提到了它，Anthony，但請與我們多談談網絡專業人士如何在此過程中從中受益，以提高網絡專業人士對 Fluid Engine 的認識。

Thanks. I don't -- I'm not sure I have much more color around the May, June stuff that was more positive there. I mean, we're -- you've got -- we advertise across every channel imaginable. And some are depending on a lot of factors outperforming and some are underperforming. And we're updating our attribution model and rebalancing our spend. So there was a lot of that.

謝謝。我不知道——我不確定我在 5 月和 6 月有更多的顏色，那裡更積極。我的意思是，我們 - 你有 - 我們在每個可以想像的渠道上做廣告。有些取決於很多因素，表現出色，有些則表現不佳。我們正在更新我們的歸因模型並重新平衡我們的支出。所以有很多。

What's interesting that from a macro perspective, this is one of the first summers we're starting with really kind of lower COVID rates in a lot of the areas that we were -- or lower COVID impact, I should say, in a lot of the areas that had it in the past. So these are just interesting years.

有趣的是，從宏觀角度來看，這是我們開始的第一個夏天之一，在我們曾經的許多領域中，COVID 率確實較低——或者我應該說，在很多地區，COVID 影響較低過去有它的地區。所以這些只是有趣的年份。

Sometimes we're the beneficiary. Sometimes it's a headwind in this case. So we're seeing that we're a beneficiary.

有時我們是受益者。在這種情況下，有時這是一個逆風。所以我們看到我們是受益者。

Second, to your question around Fluid Engine and specifically web professionals. This launch is something I'm really proud of because I think what you're seeing is us invest in one unified system that really works for both. And so if you're new to the platform, you're not a pro, this system is easier to use than what we currently had on the platform for almost the past decade.

其次，關於流體引擎，特別是網絡專業人士的問題。這次發布讓我感到非常自豪，因為我認為您所看到的是我們投資於一個真正適用於兩者的統一系統。因此，如果您是該平台的新手，但您不是專業人士，那麼該系統比我們近十年來目前在該平台上使用的系統更易於使用。

But at the same time, if you're a web professional and you're comfortable using the tool, the expressability aspect of the tool matters a lot more to you than maybe the usability does. And what's really great about this is now within one system, you've got one, our section-based design system, but Fluid Engine can impair as a section, and web pros can get a lot more flexibility out of this tool.

但與此同時，如果您是一名網絡專業人士並且您對使用該工具感到很自在，那麼該工具的可表達性方面對您而言可能比可用性更重要。現在真正偉大的是在一個系統中，你有一個，我們基於部分的設計系統，但流體引擎可以削弱作為一個部分，網絡專業人士可以從這個工具中獲得更多的靈活性。

And that means that they just don't need to resort to either way more complex tools or custom code as much. So I'm really happy about this launch. I think it underscores really what makes Squarespace special in a lot of ways, that we're able to kind of pull this off in one system.

這意味著他們不需要使用更複雜的工具或自定義代碼。所以我對這次發布感到非常高興。我認為它確實強調了 Squarespace 在很多方面的特別之處，即我們能夠在一個系統中實現這一目標。

Yes, at a glance, it may seem like these things are easy to do or create, but they just really aren't, which is why there are so few companies at our scale that have the results we do in websites and are usable by so many millions of people. So it's really an upgrade across both that DIY and professional audience.

是的，乍一看，這些事情似乎很容易做或創建，但實際上並非如此，這就是為什麼在我們這樣規模的公司中，很少有公司能夠在網站上取得我們在網站上所做的結果並且可供用戶使用數以百萬計的人。因此，這確實是 DIY 和專業觀眾的升級。

And any plans on specific marketing around Fluid Engine with the launch?

以及推出後圍繞 Fluid Engine 的特定營銷計劃？

Yes. Actually, it's going to show up in a lot of our campaigns. Right now, if you go to squarespace.com, there's demo videos that can show you kind of how it operates. And there's a lot of like fancy stuff in those videos, but it's like kind of not fake, like that's kind of how it works. It's really, really, really good.

是的。實際上，它會出現在我們的許多廣告系列中。現在，如果你訪問 squarespace.com，那裡有演示視頻可以向你展示它是如何運作的。這些視頻中有很多花哨的東西，但它不是假的，就像它的工作原理一樣。真的，真的，真的很好。

So yes, you'll see it appear visually in a lot of marketing campaigns. And yes, it's live on the front site right now. I think when you think about marketing it, it's not that it's not -- the core message of Squarespace is not different. This just helps more people get better results and more varied results on the platform, really bridging the gap between some of the higher-end tools and frankly, the usability of some of the simpler tools, right?

所以是的，你會在很多營銷活動中看到它以視覺方式出現。是的，它現在就在前台。我認為當你考慮營銷它時，並不是它不是——Squarespace 的核心信息沒有什麼不同。這只是幫助更多的人在平台上獲得更好的結果和更多樣化的結果，真正彌合了一些高端工具和坦率地說，一些更簡單工具的可用性之間的差距，對吧？

I think that at times, I had always thought about Squarespace as having really, really good expressability that maybe for the pages like, oh, this is not the easiest to use. I think this really lets us turn a corner with that. So really happy about it. Again, it's an in-place upgrade. So it's rolled out to everyone. You can convert your old pages or if you're signing up for Squarespace today, you'll automatically have this platform.

我認為有時，我一直認為 Squarespace 具有非常非常好的可表達性，可能對於類似的頁面來說，哦，這不是最容易使用的。我認為這真的讓我們有了轉機。所以真的很高興。同樣，它是就地升級。因此，它向所有人推出。您可以轉換舊頁面，或者如果您今天註冊 Squarespace，您將自動擁有此平台。

Our next question comes from Christopher Zhang of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Christopher Zhang。

Your international mix was pretty strong in the second quarter, especially adjusted for FX and on the basis of year-on-year incremental international mix. And that's perhaps the first time you've called out the Pacific region. So can you talk a little bit about your initiatives there that's driving the strength? And what's the relative impact of the Pacific region today versus Europe? And then I'll have a follow-up on GMV.

您的國際組合在第二季度相當強勁，特別是根據外彙和同比增加的國際組合進行調整。這可能是您第一次呼籲太平洋地區。所以你能談談你在那裡推動力量的舉措嗎？今天太平洋地區與歐洲的相對影響是什麼？然後我將跟進 GMV。

So nothing we're doing right now in terms of international is significantly different than what we were doing and -- from prior quarters. I think you're seeing just the result of many initiatives play out, right? Currency, language, our support queues in multiple languages, multiple ways to check out and pay for Squarespace, localized campaigns that are running internationally.

因此，就國際而言，我們現在所做的一切都與我們所做的有很大不同，而且 - 與前幾個季度相比。我認為您看到的只是許多舉措的結果，對嗎？貨幣、語言、我們以多種語言提供的支持隊列、多種結賬和支付 Squarespace 的方式、在國際上開展的本地化活動。

And I think that we tend to be pleased with the growth outside of the U.S. Obviously, it was mentioned in the prepared remarks, and I think it will probably come up on these questions. When we're investing in marketing, not all of our business lines and all of our regions are as developed as we are in the U.S.

而且我認為我們傾向於對美國以外的增長感到滿意。顯然，在準備好的評論中提到了它，我認為它可能會出現在這些問題上。當我們投資營銷時，並非我們所有的業務線和我們所有的地區都像我們在美國一樣發達。

So when we're investing in Tock and international markets, it's a drag if you look at it on a holistic basis versus what's happened in the U.S. But as you're pointing out, it eventually pays off. And yes, we continue to expand globally.

因此，當我們在 Tock 和國際市場進行投資時，如果你從整體上看它與在美國發生的事情相比，這是一種拖累。但正如你所指出的，它最終會得到回報。是的，我們繼續在全球擴張。

Yes. And just to add to that, Christopher, last year, we did marketing campaigns for the first time that were localized for certain markets. And we continue to do this at the beginning of the year, but at a much lower scale.

是的。此外，Christopher，去年，我們首次針對某些市場進行了本地化營銷活動。我們在年初繼續這樣做，但規模要小得多。

And Australia is a very good market for us. And we can see now the impact of those marketing campaigns where we are raising brand awareness and how they are paying off on the net additions that we are seeing coming from international. So as Anthony said, it's a combination of all the efforts that we are doing and also what we have started last year in a much -- at a much deeper level.

澳大利亞對我們來說是一個非常好的市場。我們現在可以看到那些我們正在提高品牌知名度的營銷活動的影響，以及它們如何從我們看到的來自國際的淨增加中獲得回報。所以正如安東尼所說，這是我們正在做的所有努力以及我們去年在更深層次上開始的努力的結合。

And then I have a follow-up on the GMV, which is somewhat weaker than typical seasonality and arguably some of the macro trends that was actually holding up in the second quarter. So can you unpack the sequential move in the GMV maybe by the underlying categories such as goods versus services and particularly how Tock was performing.

然後我對 GMV 進行了跟進，這比典型的季節性要弱一些，可以說是第二季度實際保持不變的一些宏觀趨勢。因此，您能否通過商品與服務等基礎類別，特別是 Tock 的表現來解開 GMV 的順序變動。

Sure. So glad you're calling this out because when you look at our GMV, I think we saw this last quarter that people expected us to be much more correlated with just essentially physical goods sales. But in that GMV number we have, there's many categories.

當然。很高興您提出這一點，因為當您查看我們的 GMV 時，我認為我們在上個季度看到了人們期望我們與本質上的實物商品銷售更加相關。但在我們擁有的 GMV 數字中，有很多類別。

So you've got the scheduling business, which operates differently than the hospitality and time-slotted based businesses that Tock has and operates differently than our e-commerce business and operates differently than our member areas businesses, which are just starting to grow. So within there, I think Tock's a much more normal quarter than they've really seen in the past.

所以你有調度業務，它的運作方式不同於 Tock 擁有的酒店和基於時間段的業務，其運作方式不同於我們的電子商務業務，也不同於我們剛剛開始增長的會員領域業務。所以在那裡，我認為 Tock 是一個比他們過去真正看到的更正常的季度。

I think 2 items to highlight there. One, the beginning of adoption by larger chains and then -- which was significantly impact GMV. And then also hospitality industry woes lightening a bit in terms of workforce ability to open all those sorts of things. So those things moved in a positive direction for Tock.

我認為有 2 項要突出顯示。一，開始被更大的連鎖店採用，然後——這對 GMV 產生了重大影響。然後，酒店業的困境也在勞動力開放所有這些東西的能力方面有所緩解。所以這些事情對托克來說是積極的。

Scheduling business remains strong. And the physical -- yes, and the member areas business is growing and looks good. And then the -- I think we're all seeing kind of a little bit of movement in a different direction for physical goods. So -- but this is why I like how we're positioned. I mean, Squarespace has always been about many, many ways to sell. And as we keep strengthening that and grow real business revenue lines there, you will not see us impacted by any one -- hopefully, any one single trend in particular within there. So.

調度業務依然強勁。物理 - 是的，會員領域的業務正在增長並且看起來不錯。然後 - 我認為我們都看到了實物商品在不同方向上的一些變化。所以——但這就是為什麼我喜歡我們的定位。我的意思是，Squarespace 一直有很多很多的銷售方式。隨著我們不斷加強這一點並在那裡增加真正的業務收入線，你不會看到我們受到任何人的影響——希望，尤其是那裡的任何一個單一趨勢。所以。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I think on the prior call, you had cited the idea that business formations were pretty observable headwind. Obviously, we're further along in the year at this point. Certainly, I think we often see the U.S. data quite well, probably have less of a handle globally. So maybe if you could just talk about what type of expectations you're embedding there as we think about the second half?

我認為在之前的電話會議中，您曾引用過商業形式是相當明顯的逆風的想法。顯然，我們在這一年中走得更遠。當然，我認為我們經常能很好地看到美國的數據，可能在全球範圍內沒有多少把握。所以也許你可以談談在我們考慮下半年的時候你嵌入了什麼樣的期望？

So it's interesting. We've begun to do a little bit of research on our side as well around the correlation with small business formations and what we're seeing in the main products. I would just caution and say, in the past, we did see not an extreme correlation, but a correlation.

所以很有趣。我們已經開始在我們這邊做一些研究，以及與小企業形式的相關性以及我們在主要產品中看到的內容。我只是警告說，在過去，我們確實看到的不是極端相關，而是相關。

In different periods of time, we actually observed that it wasn't as correlated as it used to be. We may be returning to a time of correlation, but I would just again issue that word of caution that you don't only see it play out the way you might think.

在不同的時期，我們實際上觀察到它不像以前那樣相關。我們可能會回到一個相關的時代，但我想再次發出警告，你不僅看到它以你想像的方式發揮作用。

And then in addition, as our revenue streams diversify and you've got scheduling and member areas and all these ways for creators to interact online and things like Unfold, the correlation there, I think, will lessen. So that's just kind of how we view it.

此外，隨著我們的收入來源多樣化，並且您擁有日程安排和成員區域以及創作者在線互動的所有這些方式以及展開之類的事情，我認為那裡的相關性將會減少。這就是我們看待它的方式。

Okay. Very helpful. And then just with respect to the pricing initiatives, it always seems like there's a great opportunity to reap some of the extra value that you've created. Also on the other side, it can, I think, cause churn in some small cases. Obviously, it's generally viewed as a net positive. So just kind of help us think about how you're kind of framing these different factors as we approach the pricing initiatives here?

好的。非常有幫助。然後就定價計劃而言，似乎總是有一個很好的機會來獲得你創造的一些額外價值。另一方面，我認為，在一些小情況下，它可能會導致客戶流失。顯然，它通常被視為淨積極因素。所以只是幫助我們想想當我們在這里處理定價計劃時你是如何構建這些不同的因素的？

Yes. So I'd highlight 2 areas that I highlighted in the past. One is our bundling and positioning of the packages, which is I'm a believer that Squarespace has a lot of products in market that just due to how we've rolled them out over time, there's just a lot of different subscriptions in there you have to use to access those products.

是的。所以我要強調我過去強調的兩個領域。一個是我們對軟件包的捆綁和定位，我相信 Squarespace 在市場上有很多產品，只是由於我們如何隨著時間的推移推出它們，那裡有很多不同的訂閱必須使用才能訪問這些產品。

And I think that as we rethink our bundling strategy and how we present those to an end consumer, I think there's going to be a lot of leverage we've got, just giving people more access to the things we already made, frankly. And that's something we are looking to have happen later this year or early next.

而且我認為，當我們重新考慮我們的捆綁策略以及我們如何向最終消費者展示這些策略時，我認為我們將擁有很多影響力，坦率地說，只是讓人們更多地訪問我們已經製作的東西。這就是我們希望在今年晚些時候或明年初發生的事情。

The other point you make and that we've made on the call is just around refreshing pricing for existing users. Now we have never done that before. And right now, we are rolling out and we have started rolling out a pretty modest price increase.

您提出的以及我們在電話會議上提出的另一點就是為現有用戶刷新定價。現在我們以前從未這樣做過。現在，我們正在推出，我們已經開始推出相當溫和的價格上漲。

We don't anticipate this -- we're monitoring it, of course. We don't anticipate this causing a massive amount of churn. The danger is there. Somebody realized that they didn't want the website and they're like, I just wasn't using this.

我們沒有預料到這一點——當然，我們正在監控它。我們預計這不會導致大量流失。危險就在那裡。有人意識到他們不想要這個網站，他們就像，我只是沒有使用這個。

But on the flip side, with a very modest price increase, I mean, to move your website because it cost you $10 or $20 more a year, it is sort of a -- assuming you want the website, probably not a great use of your time to react to that, especially considering 2 things. One is that competitors have also raised their prices, and so you're not really going to something cheaper; and two, even within Squarespace, many of our customers that are getting renewal -- their legacy prices updated are still coming in under list price if you just re-signed up with Squarespace.

但另一方面，我的意思是，在價格上漲非常溫和的情況下，移動你的網站，因為它每年要多花 10 美元或 20 美元，這有點——假設你想要這個網站，可能不是很好地使用你有時間對此做出反應，尤其是考慮到兩件事。一是競爭對手也提高了價格，所以你不會真的去買更便宜的東西；第二，即使在 Squarespace 中，我們的許多客戶正在獲得續訂——如果您剛剛重新註冊 Squarespace，他們更新的舊價格仍然低於標價。

And so we're monitoring that situation, but I think it's not a crazy thing for us to have a modest price increase after literally never doing it.

因此，我們正在監控這種情況，但我認為在實際上從未這樣做過之後有適度的價格上漲對我們來說並不是一件瘋狂的事情。

Yes. Just to add to that, we see strength of our platform, particularly on entrepreneurs and creators and so on, which a little bit speaks also about the new business formations that you asked earlier because most of these businesses or some of the business may start with a website before even registering themselves.

是的。除此之外，我們看到了我們平台的實力，特別是在企業家和創作者等方面，這也有點說明您之前詢問的新業務形式，因為這些業務中的大多數或某些業務可能開始於甚至在自己註冊之前的網站。

But with regards to the pricing increases, in particular, we are doing this in a very thoughtful manner, looking at cohort by cohort and within the cohorts, the prices for each of the subcohorts. So at any point in time, we can stop any increase and really pull back without any major changes because not everybody is getting the same price increase.

但特別是關於價格上漲，我們正在以一種非常周到的方式來做這件事，逐個隊列研究隊列，並在隊列內部查看每個子隊列的價格。因此，在任何時候，我們都可以停止任何漲價，並在沒有任何重大變化的情況下真正回落，因為不是每個人都得到同樣的漲價。

We discussed earlier the fact that it's going to take a significant amount of time to get everybody in the base to listing price according to the website because all of the cohorts have different prices and within the cohorts, there are cohorts, some cohorts have different prices as well. So our ability to really monitor and check on churn another one is very, very high just because we are doing this on a very thoughtful base to make sure that we protect our revenue base.

我們之前討論過這樣一個事實，即根據網站讓基礎中的每個人都列出價格需要花費大量時間，因為所有群組都有不同的價格，並且在群組中，有群組，一些群組有不同的價格也是。因此，我們真正監控和檢查另一個客戶流失的能力非常非常高，因為我們這樣做是在一個非常深思熟慮的基礎上，以確保我們保護我們的收入基礎。

And again, just to emphasize it, not all of our customers are receiving the increase would actually be even moved to our current list price.

再次強調一下，並非我們所有的客戶都收到了漲幅，實際上甚至會轉移到我們當前的標價。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

So Anthony, unlike many other companies, Squarespace has gone through recession, even survived in crisis and so help us understand a little bit like what -- how does the different segments react during recession and how prepared you are? I mean, '20 post COVID, it was more of a tailwind for online presence and e-commerce, but in a [privacy] and how prepared you are, that would be helpful.

因此，安東尼，與許多其他公司不同，Squarespace 經歷了衰退，甚至在危機中倖存下來，因此幫助我們了解了一些類似的情況——不同部門在衰退期間有何反應以及您準備得如何？我的意思是，在 20 年的 COVID 之後，這對在線展示和電子商務來說更像是順風，但在 [隱私] 以及你的準備程度方面，這將是有幫助的。

Yes. So thanks for asking that. Look, and I said it in the prepared remarks, it's tough for me to -- so one, last time we were through a recession, we didn't have as many diversified revenue streams. So I can't comment on what those might have looked like.

是的。所以謝謝你問這個。看，我在準備好的評論中說過，這對我來說很難 - 所以，上一次我們經歷經濟衰退時，我們沒有那麼多多元化的收入來源。所以我無法評論那些可能是什麼樣子。

I will say though that the core business during prior recessions performed well because, one, it's a low-cost DIY tool. So instead of having to go up there and pay somebody for setup, you might try and set it up -- set the site up yourself. And so we saw a lot of positive usage.

我會說，雖然之前經濟衰退期間的核心業務表現良好，但因為它是一種低成本的 DIY 工具。因此，不必去那里花錢請人安裝，您可以嘗試設置它——自己設置網站。所以我們看到了很多積極的用法。

Further, during a recession, yes, some businesses closed, but also some people just lose their job. And so they set out and try more entrepreneurial things than they might have. I mean, Squarespace actually itself was started in 2003, which is not exactly like a fun time after the tech collapse.

此外，在經濟衰退期間，是的，一些企業倒閉了，但也有一些人失去了工作。所以他們開始嘗試比他們可能擁有的更多的創業事物。我的意思是，Squarespace 本身實際上是在 2003 年開始的，這並不完全像技術崩潰後的有趣時光。

So I think a lot of entrepreneurial initiative happens during these times of constraint. And so I'm -- I think we're well positioned there. Also in terms of like cutting costs in your business like turning your website off is not exactly like the place most people start if they needed a website.

所以我認為在這些限制時期會發生很多創業主動性。所以我 - 我認為我們在那裡的位置很好。此外，就您的業務削減成本而言，例如關閉您的網站與大多數人在需要網站時開始的地方並不完全一樣。

I mean, Squarespace is not a huge line item of expense for people. So I'm pretty confident there that things should be okay.

我的意思是，Squarespace 對人們來說並不是一個巨大的支出項目。所以我很有信心事情應該沒問題。

Further in the core business, we love highlighting how profitable we are from a cash flow basis. And so we have used the period to -- we said this in January that we were starting to look at just making sure we were rightsized cost-wise in the business from the very beginning.

在核心業務中，我們喜歡強調我們從現金流基礎上的盈利能力。所以我們利用這段時間——我們在一月份說過，我們開始考慮從一開始就確保我們在業務中的成本合理。

So I think we're very good at controlling our costs. Obviously, we're investing for growth, so we don't want to turn that off, which is why we're always talking about the balanced revenue growth with profitability. But I mean, there's just a lot of flexibility in the core business there. So we're really confident.

所以我認為我們非常擅長控製成本。顯然，我們正在為增長而投資，所以我們不想關閉它，這就是為什麼我們總是談論平衡的收入增長和盈利能力。但我的意思是，那裡的核心業務有很大的靈活性。所以我們真的很有信心。

I mean, as I look into next year, just taking the free cash flow margin up is kind of what I'm expecting to do. So I think we're in a good spot there.

我的意思是，當我展望明年時，僅僅提高自由現金流量是我所期望的。所以我認為我們在那里處於一個很好的位置。

Also worth noting that there was a reason we went and it's related to the cash flow comment, but we did a direct listing because Squarespace didn't need to raise money because it was profitable. So we're not like out there in the public markets having to raise money.

另外值得注意的是，我們去是有原因的，這與現金流評論有關，但我們直接上市是因為 Squarespace 不需要籌集資金，因為它是盈利的。所以我們不像在公共市場上必須籌集資金。

In fact, as you saw from the buyback, we're just using the time where there's a bit of fear going around right now to say, "Hey, we think the buyback can make sense for us." And so that's what we executed on. So you see all those factors in play.

事實上，正如你從回購中看到的那樣，我們只是利用現在有一點恐懼的時間說，“嘿，我們認為回購對我們來說是有意義的。”所以這就是我們執行的。所以你會看到所有這些因素在起作用。

That's great color.

這顏色真好。

One more point on the profitability and the strength of the core business. At the beginning of the year, we talked about the investments that we are doing in younger revenue streams like Tock, international and enterprise.

關於核心業務的盈利能力和實力再談一談。今年年初，我們談到了我們在 Tock、國際和企業等年輕收入流中所做的投資。

And so we are delivering -- we're expecting to deliver unlevered free cash flow margins that are in the range of 16%, 17% for the quarter and even higher for the year in spite of the fact that we are making those investments in those business that are an actual drag to the unlevered free cash flow margins and the EBITDA margins that we have shown.

因此，我們正在交付——儘管我們正在對那些實際拖累我們展示的無槓桿自由現金流利潤率和 EBITDA 利潤率的業務。

And quick clarification. And by the way, how much was the Tock revenue this quarter? And Anthony, I think you talked about Squarespace Payments that you were going to launch this year. Was it this year or was it planned for next year?

并快速澄清。順便問一下，這個季度 Tock 的收入是多少？安東尼，我想你談到了你將在今年推出的 Squarespace Payments。是今年還是計劃明年？

It's planned for next year. And for the Tock, we don't split out the revenue specifically.

計劃在明年。對於 Tock，我們並沒有專門分配收入。

Yes. But Siti, I know you have like in other revenues for -- we have been talking about organic versus inorganic growth throughout the whole entire year last year when we acquired Tock. And Tock continues to grow nicely.

是的。但是 Siti，我知道你在其他收入方面也喜歡——去年我們收購 Tock 時，我們一直在談論有機增長與無機增長。 Tock 繼續保持良好增長。

And in the overall growth rate, it represents approximately 100 basis points on the growth just to give you a little bit more color about Tock.

在整體增長率中，它代表了大約 100 個基點的增長，只是為了讓你對 Tock 有更多的了解。

Our next question comes from Naved Khan of Truist Securities.

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

We are hearing about the consumer wallet kind of shifting more towards experiential spend, like travel or other things. And just wondering how it affects your GMV number because your GMV, as you pointed out, is very diversified streams between bookings and everything else.

我們聽說消費者的錢包更多地轉向體驗式消費，比如旅行或其他事情。只是想知道它如何影響您的 GMV 數字，因為正如您所指出的，您的 GMV 是預訂和其他一切之間非常多樣化的流。

So just talk to us about that and how we should think about the GMV growth in the back half and maybe for next year, how should we be thinking? The other question I have is around opportunities for M&A. As valuations continue to adjust, Anthony, can you maybe just talk about what are you seeing out there with respect to potential bite-sized acquisitions?

因此，請與我們談談這個問題，以及我們應該如何考慮下半年的 GMV 增長，也許明年，我們應該如何考慮？我的另一個問題是併購機會。隨著估值繼續調整，安東尼，你能不能談談你對潛在的小規模收購的看法？

Sure. So first off, with respect to consumer spending, I think what's interesting is we sort of -- we capture a bit of that when we kind of go through our GMV commentary. And if you think about, hey, okay, I'm not going to buy this physical -- this wallet, I'm going to go and invest in experience. We're perfectly situated to capture that demand with things like Tock, which is about time-slotted businesses and will eventually be about events. And so I think that's just going to highlight the power of the diversified revenue streams that we have. And what was your second -- the second question?

當然。所以首先，關於消費者支出，我認為有趣的是我們有點 - 當我們通過我們的 GMV 評論時，我們捕捉到了一點。如果你想，嘿，好吧，我不會買這個實體的——這個錢包，我會去投資經驗。我們完全有能力通過像 Tock 這樣的東西來捕捉這種需求，它是關於時間段的業務，最終將是關於事件的。所以我認為這只會突出我們擁有的多元化收入流的力量。你的第二個——第二個問題是什麼？

Oh, it was around M&A opportunities. Yes. So our M&A strategy remains unchanged. I think we're in an integration mode right now with the products that -- or with the platforms that we currently are bringing together. The share buyback does not prevent us from executing on M&A within a target range that we have. And so we will remain opportunistic.

哦，這是圍繞併購機會。是的。所以我們的併購策略保持不變。我認為我們現在正處於與產品或我們目前正在整合的平台的集成模式。股票回購不會阻止我們在我們擁有的目標範圍內執行併購。因此，我們將繼續投機取巧。

But look, I mean, Squarespace is also really good at building things, too. So a lot of times, we see a company might have to resort to M&A to buy something. You see us flexing our build muscle. I mean, of course, they didn't execute on any M&A for 15 years or so of its existence. Again, we like having the muscle, but it's just an opportunistic thing for us.

但是，我的意思是，Squarespace 也非常擅長構建東西。所以很多時候，我們看到一家公司可能不得不通過併購來購買東西。你看到我們展示我們的肌肉。我的意思是，當然，他們在併購存在 15 年左右的時間裡沒有執行任何併購。同樣，我們喜歡擁有肌肉，但這對我們來說只是機會主義的事情。

Our next question comes from Clarke Jeffries of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Clarke Jeffries。

Anthony, you briefly mentioned some of the upmarket momentum, and Tock could impact GMV significantly. How are you feeling about the pipeline there for other upmarket brands seen and feeling comfortable investing in that platform? And is there anything driving that upmarket traction beyond some of those macro factors you called out in the hospitality vertical?

Anthony，您簡要提到了一些高端市場的勢頭，而 Tock 可能會對 GMV 產生重大影響。您對其他高端品牌的渠道有何看法，並且對投資該平台感到自在？除了您在酒店行業中提到的一些宏觀因素之外，還有什麼東西可以推動高端市場的吸引力嗎？

Well, the interesting thing about Tock versus the Squarespace, many of the Squarespace brands is in Tock really started very upmarket and is moving down with the events product that we're working on and other things to be -- to move to a broader base. So I mean, the upmarket spot is their sweet spot. So yes, I mean that's kind of how it's oriented.

好吧，關於 Tock 與 Squarespace 的有趣之處在於，Tock 中的許多 Squarespace 品牌確實開始非常高端，並且隨著我們正在開發的活動產品和其他事情的發展而下降——轉移到更廣泛的基礎.所以我的意思是，高端市場是他們的最佳選擇。所以是的，我的意思是這就是它的定位方式。

All right. Great. And then clarifying a little bit of how we should think about Fluid Engine. Could you maybe give some color on the portion of users that will be getting access to Fluid Engine here over the next quarter? What portion of subscribers are on an eligible version to get that innovation?

好的。偉大的。然後澄清一點我們應該如何看待流體引擎。您能否為下個季度將在此處訪問 Fluid Engine 的用戶部分提供一些顏色？有多少訂閱者使用符合條件的版本來獲得該創新？

So it's 100% of new subscribers today. And if you're on the -- I don't have an exact number for you off like on the 7.1 platform how many are enabled today. I would just say this. In terms of business impact, it's going to have a much bigger impact for new sites than existing sites because if you have an existing site, you've kind of like created those pages already.

所以今天是 100% 的新訂戶。如果你在——我沒有一個確切的數字給你，就像在 7.1 平台上一樣，今天啟用了多少。我只想說這個。就業務影響而言，它對新站點的影響將比現有站點大得多，因為如果您有一個現有站點，那麼您就像已經創建了這些頁面。

And so this might be better, and you might use it to get more expressive layouts at times, but it's really around that new build experience that I think you're going to see it shine, especially people putting sites on the platform that otherwise would have had to go to different tools because the expressability isn't there, right? And you're always limited by that.

所以這可能會更好，有時你可能會使用它來獲得更具表現力的佈局，但它確實圍繞著新的構建體驗，我認為你會看到它大放異彩，尤其是人們將網站放在平台上，否則會必須使用不同的工具，因為不存在可表達性，對嗎？而你總是受此限制。

So hopefully, it's TAM expanding for us, which is really important. I mean, at the end of the day, if you can't make the site you wanted using the platform's tools, you're going to be on another platform where you're going to go to custom code or you're just going to settle for what's on the platform. So I really -- I think the team has done just a fantastic job at this release, and it was -- again, we've been testing it for a while. And so now it's out to everybody.

所以希望它對我們來說是 TAM 的擴展，這非常重要。我的意思是，歸根結底，如果您無法使用平台的工具製作您想要的網站，那麼您將在另一個平台上使用自定義代碼，或者您只是去滿足於平台上的內容。所以我真的 - 我認為團隊在這個版本中做得非常出色，而且 - 再次，我們已經測試了一段時間。所以現在所有人都知道了。

Thank you for your questions. Unfortunately, this is all we have time for. So therefore, this concludes today's call. Thank you so much for joining. You may now disconnect your lines.

謝謝你的提問。不幸的是，這就是我們所有的時間。因此，今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。